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Gold/Mining/Energy : kazakstan goldfields symbol kgfc -- Ignore unavailable to you. Want to Upgrade?

To: roger fontaine who wrote (342)	3/19/1998 11:52:00 PM
From: buylowsellhigh	Respond to of 367

The float is too high so it can't move substantially. The stock is being manipulated.

To: roger fontaine who wrote (342)	3/19/1998 11:58:00 PM
From: traacs	Respond to of 367

This where the source gets the info asdc.kz Kazakhstan Goldfields Corporation Ready Settle Dispute with Kazakh Government Kazakhstan Goldfields Corp. (KGFC) has accepted an offer from the Government of Kazakhstan to begin a dialogue with the intent of reaching a settlement to its dispute with the Government of Kazakhstan. Both the Ministry of Energy, Industry and Trade and the Department of State Property and Privatization of the Ministry of Finance have offered to Gold Pool LLP, a 75% owned subsidiary of KGFC to open discussion with the purpose of reaching a negotiated settlement of its dispute. In accepting this offer, KGFC has agreed to temporarily suspend its US$28.6 million claim against the Government of Kazakhstan which was filed in the International Court of Justice in The Hague Netherlands on November 17 1997. Last fall, Kazakstan Goldfields Corporation (KGFC-CDN) (the "Company'') submitted a Claim against the Government of Kazakhstan to the International Court of Justice in The Hague, The Netherlands. The Claim was submitted for a total amount of US$28.6 million and related to the unilateral cancellation by the Government of the Company's Management Contract (the "Contract") to manage, with an option to acquire, the gold mines of the State-owned company JSC Kazakhaltyn. The termination of the Contract in August, 1997 came five months after the Company gave notice to the Government of its intention to exercise the Company's option to convert its investment into full ownership of the mines. Under the terms of the Contract, the Company was to invest a minimum of US$15 million on the mining properties by April 10, 1997, and it in fact invested a total of $18.6 million prior to giving formal notice of its intent to convert to ownership of the properties. The Contract specifically provides that the government cannot terminate the Contract once it has received this notice from the Company. The Claim, which was submitted on November 17, also cited the occurrence of certain force majeure events, of which the Government had been given notice pursuant to the Contract on numerous occasions, which included the closure of the Balkhash smelter as well as the serious lack of reliable electrical supply and local social services and infrastructures. These events contributed to the Company having to exercise its discretion, as permitted under the Contract, to temporarily suspend operations at the mining properties due to the frustrating, and at times dangerous, situations caused by these occurrences. The Government currently continues to maintain the mines on a care and maintenance basis. In addition, under its Claim the Company is also claiming for the return of gold in concentrates owned by it valued at US$1.1 million which were in process at the State-owned Balkhash smelter when it was shut down, and which continue to be retained despite a change in ownership of this facility. The company's spokesman said that after the significant advances the company made to rehabilitate these mining properties, which led to the re-commencement of gold production, we certainly do not intend to walk away without making every attempt to seek a resolution to this situation either through negotiation with the Government or through the international arbitration process under which our Claim was submitted for the return of the funds and gold in process, as well as damages for breach of the Contract."