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Gold/Mining/Energy : kazakstan goldfields symbol kgfc

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To: Francis Scavo who wrote (228)	8/9/1997 10:55:00 AM
From: Jesse	of 367

Francis, when you say reserves, what do you mean? Bullion inventory or what's still in the ground?... From KGFC's last (July25/97) release: ...KGFC, through its 75% ownership of the Gold Pool joint venture, manages and operates JSC Kazakaltyn. Under the terms of a management contract, KGFC finances the operations and retains the revenues from gold production at the three mines. As well, KGFC has the right to purchase the state-owned enterprise from the government of Kazakstan. ...Further capital investment is contingent upon KGFC concluding its purchase of JSC Kazakaltyn under the terms of the management contract. As previously announced, pre-production concentrates belonging to the company and valued at US$2.2 million are tied up at the Balkhash smelter in Kazakstan which has recently been taken over by new management. Although the company has a contract with the smelter, the transition to new management has prevented KGFC from capitalizing on this asset. ...The company has advised the government that it is in full compliance with the terms of the contract and it expects to continue with its obligations and exercising its rights as defined in the contract. - - - - - - - - - -Hope this helps clarify

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