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Gold/Mining/Energy : PAAS : Pan American Silver -- Ignore unavailable to you. Want to Upgrade?

To: Elvis Jones who wrote (67)	2/2/2000 2:50:00 PM
From: Superhawk	Read Replies (1) \| Respond to of 294

Capitalism Russian style? From Yahoo! ("Serebro Dukat" is the PAAS faction): biz.yahoo.com Wednesday February 2, 11:09 am Eastern Time Company Press Release KASKOL Cancels Leasing Agreement of Dukat Mine with the Company 'Serebro Dukat' MOSCOW--(BUSINESS WIRE)--Feb. 2, 2000--Kaskol Group of companies announced Tuesday that they have cancelled the agreement with the company ``Serebro Dukat' for the property of Dukat Mine (Magadan Region). The necessary notification about refusal to execute the agreement was sent today to the management of this company. A copy was also sent to the management of the Canadian company ``Pan American Silver' (Nasdaq: PAAS - news) which is the owner of ``Serebro Dukat.' In this document KASKOL suggests that within one month all movables and within three months all realty of Dukat GOK, leased by ``Serebro Dukat,' should be handed over to KASKOL. By making this decision, KASKOL proceeded from its right as the owner of the property of Dukat GOK which passed to it after the winning at the auction of the property of Dukat GOK and conclusion of all necessary agreement and financial procedure of the sale. The transition of the right for the property was registered according to the Russian law. Now this property is owned and used according to the leasing agreement between ``Serebro Dukat' and its previous owner - Dukat GOK. When KASKOL became the owner of the property it simultaneously obtained the right to grant lease for it in reference to ``Serebro Dukat'. According to the Civil Code of the Russian Federation KASKOL decided to use its indisputable right to cancel the leasing agreement. Its legal norm is obligatory and can't be changed. According to the law, if - as it happened in this case - the leasing agreement is concluded for an indefinite time, then it is considered as canceled when one of the sides refuses to execute it. This tough decision of Kaskol is easily explained. ``Before 'Serebro Dukat' came to the GOK it was a working enterprise,' stated the KASKOL press service. ``Now it is completely ruined,' as the inspection showed up to 80% of the equipment is made worthless, destroyed or disappeared. KASKOL is completely sure that in just two month it will resume works at DUKAT GOK. -------------------------------------------------------------------------------- Contact: Kaskol Igor Ignatiev, Vice-president, Public Relations 7 095 937-1940 E-mail: Kaskol@dol.ru _______________________________ Now what?