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Gold/Mining/Energy : Mongolia Gold Resources
MGR 20.90-0.8%Dec 5 9:30 AM EST
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To: Bill Jackson who wrote (3320)4/8/1999 1:39:00 PM
From: Dave R. Webb  Read Replies (1) of 4066
 
Please excuse the presentation of the following information. The following is what the Company is telling investors that phone in to the Company.

Regarding a release by the BCSC on April 6, 1999.
The matter is between Kennedy and the BCSC and relates to Kennedy's relationship as an insider of Company. The BCSC first informed the Company about this matter by a fax addressed to Kennedy and the Company at 2:06 PM on April 6.

The BCSC had issued a Cease Trade Order (CTO) against Edward Gunnar Kennedy under section 164 of the BCS Act. It is believed that the issue concerns the definition of "direct or indirect beneficial ownership of, or control or direction over, securities of the Reporting Issuer."

We understand that Kennedy has a significant interest in a company that owns shares of MGR.
We understand that Kennedy has a legal opinion that, through this company, he does not have "direct or indirect beneficial ownership of, or control or direction over, securities of the Reporting Issuer."
We understand that at one point the BCSC accepted this opinion, and that at some time latter the BCSC changed their opinion.
We understand that Kennedy and the BCSC have been in discussion over this for some time.
We understand that at sometime after March 10, 1999 Kennedy and the BCSC agreed on a resolution, and that any deficiencies would be rectified by new filings to be submitted within 6 weeks.

I hope this clarifies the information released by the BCSC.

Dave
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