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Gold/Mining/Energy : Mongolia Gold Resources

MGR 21.39

0.0%

11:10 AM EST

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To: Dave R. Webb who wrote (2889)	12/6/1998 5:46:00 PM
From: Phil Jones	Read Replies (1) of 4066

Dave, do you know if the Mongolian bank has started taking action to sell the Bumbat interest they got from MAC? From instance, has it put out feelers to the three large mining companies that were looking at buying MAC's interest before? Has the bank made any approach to MGR? Is MAC now completely out of the picture? Or did its agreement with the bank give it a say on how the bank disposes of its interest? (The reason for my earlier question on whether MAC and the bank were really dealing at arm's length.) As far as the $800K or $900K that MAC still owes MGR for MAC's 51%, will MGR be approaching the bank -- or is MGR waiting for the bank to make the first move on the money (or reduction of the bank's 51% interest)? These matters may be non-urgent at the current POG, but the POG might go up dramatically soon. Thanks.

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