Bumbat West Geochemical Anomaly
Wednesday, July 08, 1998
MONGOLIA GOLD RESOURCES LTD ("MGR-V;MLIAF-L") - Bumbat West Geochemical Anomaly
Mongolia Gold Resources Ltd., reports:
Regarding an article in the Northern Miner Vol. 84 No. 17 June 22-28, 1998 concerning Mongolia Gold Resources Ltd. and the Bumbat West soil geochemical anomaly by James Whyte;
We are concerned about the article. It contains material errors, quotes out of context, misquotes, and reports facts out of sequence that present a misleading and erroneous time line and overall appears to be extremely biased.
The Northern Miner is the premier mining newspaper in North America, and Mongolia Gold Resources Ltd. (the "Company") believes that the errors were unintentional. We would like to correct the record.
Based on an independent report (the "Hawthorn" report), and other public information, Mr. Whyte wrote an article appearing on the front page of the Northern Miner. Hawthorn was commissioned by the Company to investigate the discrepancy in three sets of soil samples collected from part of the Bumbat Property in Mongolia. Other than to obtain a copy of the Hawthorn Report, Mr. Whyte made no effort to contact the Company, to clarify issues, confirm facts, or understand what steps the company had taken concerning the issues disclosed in numerous press releases dating from 1997. No attempt was made to contact Hawthorn for clarification, confirmation, nor obtain permission to
quote from his report.
The VSE has been provided copies of all relevant documents and is on the record as being satisfied with the Company's level of disclosure and has not recommended that the Company take any further action other than to respond to the inaccuracies presented in the Northern Miner article.
The Company welcomes balanced reporting, and is compelled to clarify published errors according to existing VSE Policy and new standards proposed by the TSE and OSC in the June 1998 Interim Report from the Mining Standards Task Force.
A full response to the Northern Miner's article is available from the Company and will be posted to the Company's website. TEL: (604) 681-2877 |
