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Gold/Mining/Energy : Mongolia Gold Resources

MGR 21.53

+0.4%

12:15 PM EST

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To: Elizabeth Andrews who wrote (2520)	8/20/1998 4:59:00 AM
From: Dave R. Webb	Read Replies (1) of 4066

Good question Elizabeth. There is a 1995 feasibility study by Cominco Engineering Services Ltd., an updated and a revised feasibility report by H.A.Simmons in 1996. There are independent geological reports by Webb 1993 (and not independent reports in 1994), independent reports in 1995 by Garrow, and independent reports in 1996 by Tchaekov, and 1997 by Gunning. All have been reported in news releases, and all substantiate the economic viability of the Bumbat deposit. I guess we could look further to the three companies that have indicated expressions of interest to buy MAC's interest in Bumbat. Two of these have brought their own engineers and geologists to review the data, and two have made site visits. Then three made offers to MAC. Good of you to ask that question. It's a point that isn't made too often. Dave

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