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Gold/Mining/Energy : Mongolia Gold Resources

MGR 21.38

0.0%

Dec 23 3:59 PM EST

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To: Phil Jones who wrote (2898)	12/6/1998 7:09:00 PM
From: Dave R. Webb	Read Replies (2) of 4066

Phil, you've really focused on the critical issues that face Bumbat now. I can't answer some of those questions, but.... 1. We are not the only group talking to the TD Bank. We approached them to confirm issues. 2. The Bumbat JV makes any sale or transfer subject to several conditions, including notice, right of first refusal, and subsequent groups being bound to the agreement. 3. The deficient funds, plus penalties and interest is an issue. MGR will not ignore this. Discussions will ensue, and resolution will not likely be quick. But, the direction of negotiations is encouraging. Dave Dave

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