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Gold/Mining/Energy : Mongolia Gold Resources

MGR 21.71

-0.2%

3:57 PM EST

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To: Ron Everest who wrote (3446)	4/28/1999 12:53:00 PM
From: Dave R. Webb	of 4066

Actually, that's a good point Ron. The question you might ask is, would it be prudent to put money into Bumbat under uncertain ownership, and a record of deficient contributions on behalf of MAC? I think the smarter course of action would be to resolve ALL issues at Bumbat before sinking another nickel into it. I suppose others might have a different opinion, and that's okay. That leaves the Company in a position of sitting a waiting for a resolution of the issues, and contributing to a solution where possible. This has been our position for the past 15 months. We have not advanced very far since presenting MAC with two reasonable offers that for one reason or another didn't meet their criteria. Since then, the price of gold has deteriorated farther, and other opportunities are arising for prospective buyers. It is unlikely MAC would get any offer as good as the ones that they have already rejected. A prudent course of action might be to continue to wait. Alternatively, one might place the Bumbat onto a backburner to allow our partner and their bankers to resolve their issues, and then to proceed. In the meantime it would be appropriate to examine other opportunities. Dave

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