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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: marek_wojna who wrote (85988)	5/28/2002 1:47:27 AM
From: goldsheet	Respond to of 116836

Mineral Resource Authority of Mongolia: mram.mn Mining Production Statistics: mram.mn Investment Opportunities: mram.mn Here's biggest project in development cameco.com cameco.com

To: marek_wojna who wrote (85988)	5/28/2002 4:55:00 AM
From: Phil Jones	Read Replies (2) \| Respond to of 116836

Marek, also Mongolia Gold (MGR.V), now known as Tyhee Development. Mongolia Gold had a gold mill (Bumbat Mill) operating there, producing gold ingots, about four years ago. Then the gold price fell. But all along the Mongolian partner of MGR had been creating problems, refusing to honour its monetary commitments. Anybody dealing in mining in Mongolia had better have eyes in the back of their head. A 'Mongolian partner' must be at least 50% owner of any mining concern. The 'foreign' partner ends up footing the bills. Anyway, Mongolia Gold put up US$10M to ship a complete mill to Mongolia from the US, set it up there, started outputting gold ingots, only to have the Mongolian partner not pay up its portion of costs. MGR is gone from Mongolia now, and into diamonds in northern Canada. Sold out its US$10M investment to the Mongolian partner for a pittance (a few $100K as I remember). A wary lesson for all those thinking of putting cash into resource exploration in Mongolia!