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Gold/Mining/Energy : Mongolia Gold Resources
MGR 21.51-0.3%Nov 14 3:57 PM EST
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To: d:oug who wrote (3384)4/22/1999 7:02:00 AM
From: David R. Schaller  Read Replies (1) of 4066
 
Doug, I for one am still holding. Not because I have much faith that anything is going to get better. The fact is that the thousands of dollars I invested in MGR are now worth dollars. Why bother paying commissions on getting out of what little is left?

I have no one to blame but myself. But, I was unfortunate to have bought just before the tainted sample expose' which caused an immediate downdraft on the share price. Very little chance to do anything but take a 50% loss almost immediately. From this point on my misplaced trust in MGR's management caused me to lose the other 46%.

Re: Voting. You will probably be sent a proxy in the mail. If you don't mark your preferences and return it by specified date..it will be voted per managements recommendations.

Speaking of mailing. This will probably be the first actual communication I will have ever received from this company. Even though a shareholder of record for 1.5 yrs or more I can't say I've ever received a mailing. NR/Quarterly/annual report or anything else for that matter. Have you?

Re: Consolidation. This is an all but done deal. I would guess that a new financing has been arranged around the 20x consolidation figure. They'll probably sell a bunch of stock at about 20% premium to the market ($1.00) along with warrants to purchase additional shares at a 50% premium to the original purchase price ($.60).

Hope I'm wrong but reality with MGR has always been worse than our most pessimistic expectations.

Dave

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