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Gold/Mining/Energy : JAVA GOLD
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To: robingrayson who wrote (80)6/26/2000 11:37:00 AM
From: robingrayson   of 121
 
NEWS! COURT PROCEEDINGS IN MONGOLIA TODAY - NO SHOW !
At the special sitting of the Arbitration Court of Mongolia held today, Zaamar Goldfields Co. Ltd. (100% subsidiary of Java Gold Corporation) failed to show up - namely Mr Harry Vassar (the supposed General Director) and Mrs Khajidsuren (a Director)- to press their claim against Monpolimet Co. Ltd. (private Mongolian company)regarding the agreement about the Tolson Terrace dry gold mining and Tolson Terrace big dredge gold project.

Of course Monpolimet Co Ltd DID show up with its advisers.

IT ISN'T OVER YET.

The Arbitration Court has allowed them tommorow (TUESDAY) to show up. I guess the Arbitration Court panel of judges is now in a less-than-friendly mood towards Zaamar Goldfields Co Ltd for having wasted their day by not turning up.

All documents for the case have already been lodged by both sides. In theory therefore, I suppose, it could go ahead without the claimant turning up, but his chance of winning would I guess be much reduced.

I have my own ideas about what is really going on. Better wait for 24 hours until a clear decision emerges.

Win, lose or no show, the case has certainly put the issue of Java Gold Corporation, its unhappy neglected and angry shareholders and its freewheeling subsidiary - Zaamar Goldfields Co Ltd - at centre stage with the Mongolian Chamber of Commerce and with the Mongolian Board of Foreign Investment.

I return to Mongolia from Kazakhstan in 9 days time. Then to really start digging.

More news tomorrow.

Robin Grayson
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