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Gold/Mining/Energy : Mongolia Gold Resources

MGR 21.47

-0.4%

Dec 1 3:59 PM EST

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To: Shirley Owen who wrote (1935)	3/29/1998 8:46:00 AM
From: Dave R. Webb	Read Replies (2) of 4066

We do not yet have to go to the Mongolian legal system. We just have to recognize that it is there, and provides a backstop to our negotiations. If MGR had continued to over-contribute, there would be little incentive for our partner to settle with us. Perhaps now we can move ahead. Last year our exploration licenses were examined by satellite images, structural and geological mapping, sampling, and geochemical analyses. From that we identified 17 significant gold anomalies, and more than 5 significant nickel, copper lead and/or zinc anomalies. More importantly, we assessed over 2 million acres of land, and can now deselect or drop a significant portion of that. It's about focus. We can now examine a much smaller area in more detail to follow-up on the 17 anomalies. This is much cheaper than evaluating the total licence area. Still, there is a cost, and MGR will be joint venturing some of its land to accomplish this at a lower cost to the Company. Dave

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