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Gold/Mining/Energy : Mongolia Gold Resources

MGR 21.48

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11:30 AM EST

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To: Phil Jones who wrote (3913)	11/19/1999 11:25:00 AM
From: Dave R. Webb	Read Replies (1) of 4066

Phil You appear to be concerned about the status of the equipment at the Bumbat, and believe that two years of no use will cause them to rust, rot or fad away. Not so. I don't expect everything to be in perfect condition, but it wasn't that way when we left it. The equipment had previously been stored on the top of a mountain in Colorado for 10 years. The mill equipment is in a building, and had been fully prepared for a shut-down. Most of the high value equipment consists of large, cast iron frames or support structures with removable wear plates (Crushers Grinding Mills etc.). They are designed to last decades in dusty and or wet conditions crushing or grinding rock. Sitting inside a building for 2 or 3 years isn't too hard on it. The electrical systems at the mine were selected for their simplicity and robustness. For the most part it consists of simple switch gear and cables, typical of mines around the world. A few years does not materially change them or make them less effective. The mobile equipment was out on lease this past summer, has been returned and is in Bumbat's possession. The mine and mill needed financing to complete a routine relining of a ball mill at shutdown. That hasn't changed. The Company will announce any significant changes as they become aware of them. Dave

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