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Gold/Mining/Energy : Mongolia Gold Resources

MGR 21.35

0.0%

Dec 16 3:59 PM EST

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To: Phil Jones who wrote (1973)	4/2/1998 8:00:00 PM
From: David R. Schaller	Read Replies (1) of 4066

Phil, I can't believe that MGR will accept anything that doesn't include a large monetary settlement. We need the cash. Who wants a deadbeat 40% partner anymore than a deadbeat 51% partner. They need to go. At the same time, I suspect MAC is going to have a problem selling their share of Bumbat for anything approaching what they have invested. MGR's market cap is evidence of the problem. No one is going to invest millions of dollars in a mill that is barely breaking even. What sense would it make? Anyone smart enough to direct the investment of millions of dollars is smart enough to steer clear of this deal. I doubt MAC will get enough out of the sale of their 51% to pay the 1.2mil they owe MGR. Sorry for the pessimism but Mongolian reality has shown herself to be a cruel teacher of expensive lessons. Dave

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