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Gold/Mining/Energy : JAVA GOLD

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To: Ron Everest who wrote (45)	6/29/1998 10:18:00 PM
From: RICHARD GIANNOBLE	Read Replies (1) of 121

During the last three months Armand has been very busy with the following: 1- Assuming top position and getting directors he has known for several years who he trusts and respects. As of 6/26/98 the JAVA GOLD headquarters has moved and is no longer in same building as IPJ on King St. 2- A small partial sale of JAVA's Mongolia non-hardrock assets is 60% to completion to a European firm for approximately $2 Million. Armand believes this money is enough to operate for 18-24 months and further define/explore other Mongolia license areas. 3- Armand has put in $300,000 of his own money to keep the checkbook balanced. 4- Barrick's independent consultant was at the stockholder meeting and was very encouraging about initial Mongolia hardrock results. Armand indicated the Barrick project was 30% ahead of schedule and 25% below budget. Armand indicated that Barrick management was pleased with progress to date. 5- It appears that the Mongolia government is going to grandfather JAVA to either no/very low taxation vs. new mining firms who want to explore Mongolia. This will be important to firms who will buy or co-develop with JAVA and have this tax advantage transferred to them. Ron, hope these brief comments are helpful.

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