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Gold/Mining/Energy : Mongolia Gold Resources

MGR 21.56

+0.3%

Nov 28 12:59 PM EST

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To: Dave R. Webb who wrote (1920)	3/25/1998 8:18:00 PM
From: Phil Jones	of 4066

Great, Dave! That's great! I thought I had read on this thread earlier that Mongolia had some type of rule that mining companies in Mongolia had to have 51% Mongolian ownership. This is a horse of a different colour. I feel much more optimistic that someone will replace the present partner now. Can't you just go ahead and restart the Bumbat Mill, and keep looking for a new partner at the same time? If the old partner has defaulted on terms in the JV, isn't there a provision that you are simply allowed to take over its interest in the Mill? What has the old partner got to sell if it hasn't put any cash into the Mill and not met the JV terms? I'm not sure what it is trying to sell. Anyway, the situation seems to be much more promising if you aren't limited to finding a new partner from within Mongolia.

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