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Gold/Mining/Energy : Mongolia Gold Resources
MGR 21.44+0.3%Nov 25 3:55 PM EST
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To: RBMac who wrote (1906)3/24/1998 12:32:00 PM
From: Dave R. Webb  Read Replies (2) of 4066
 
I tried to be very clear in the release, and provide some background information so a clearer picture could be drawn.

We had to address the question of what is in the shareholder's best interest, and determined that by focusing our energies on solving existing problems was a better approach than to create newer problems.

MAC's expression of interest to sell was a surprise, and we had previously made offers to them that had been rejected.

The property has been reviewed by several groups, and MAC has received one offer that we are aware of. We view this as a positive move, as either we can exercise our first right of refusal, or we are getting a new partner that is aware of the potential at Bumbat.

Some have commented on the fact that MGR didn't make an overall profit on the Bumbat Mine during the commissioning period in 1997 once depletion, depreciation and taxes were taken into account. The fact that a cash profit was realized during this period seems to go un-noticed. Clearly the mine can do what it is designed to do, and the repairs that are largely completed at Bumbat will enable the mine to be realized on.....just not under the current partnership.

That is the plain, full, true disclosure that is required, and it is released as soon as the facts ar known and confirmed.

Dave
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