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Gold/Mining/Energy : Mongolia Gold Resources -- Ignore unavailable to you. Want to Upgrade?

To: d:oug who wrote (3910)	11/18/1999 12:02:00 PM
From: Phil Jones	Read Replies (1) \| Respond to of 4066

Doug, I think we've got to assume that the Bumbat Mill is gone and no longer an asset of MGR or TDC, for the simple reason that, even if Dave and MAC settled tomorrow and even if the POG did shoot up to US$400, the Bumbat Mill itself is no doubt in such a poor state after no use for two years that it could not re-open. I'm no mining expert but any machinery left exposed to the elements for a couple of years is going to be in very poor shape. So TDC is a new company starting with no better assets than any other start-up mining company. Dave will admit that. I wouldn't even see the point in negotiating with the Mongolians since there's basically no assets left to negotiate about. We took our chances, and lost. Simple as that. If the POG had stayed high and the Mongolians had put in their contribution (the former no doubt leading to the latter), we (MGR investors) would have come up winners. As it is, TDC is a start-up mining company with a small amount of capital and a lot of dreams. C'est tout. Phil