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

To: d:oug who wrote (3954)	2/7/2000 4:52:00 AM
From: Phil Jones	Read Replies (1) \| Respond to of 4066

Doug, I'd agree with you to a point. And the point is I at least would like to get back the approx. $5/share (after the 20/1 consolidation) that I put into MGR. Dave Webb and MGR's North American investors took all the risk to try and help a hapless country and, at the same time, get a return. After three years I've pretty well given up on any return from Bumbat, but at least would like a chance at getting back what was put in. So I'd be opposed at MGR taking a pittance for Bumbat and just walking away. After all it did cost $10M. Better it rust than just give it to MAC for a pittance. Maybe Mongolia could just take it now; but it would do so at the risk of ending further investment in Mongolia's resource sector. But if Dave Webb was to agree to walk away for a pittance, it would legitimize Mongolia taking over Bumbat. If MAC and/or its bankers want to pay the full $10M or so that MGR put into Bumbat, then I guess we'd have to live with it. (I still wouldn't consider it just and fair, given that MAC/Mongolian Gov't did nothing while the POG was in the gutter.) Phil