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

To: Dave R. Webb who wrote (1934)	3/29/1998 3:31:00 AM
From: Shirley Owen	Read Replies (1) \| Respond to of 4066

Hi Dave, I, personally have no problem with that line of thinking. In fact, it will be good to get the whole thing resolved and move on from there. Will you be pursuing a possible j.v. on the Altai? I thought if you pursued that avenue, then it would move that project along, while the question of Bumbat works it's way through the legal system. The sheer size of the claims leads me to believe you would need a j.v. partner, in any event, to share the costs. Am I right or wrong? I don't post much these days, because I don't have too many things to say, other than I still feel positive about the future of the company. It seems that the best laid plans of mice and men, sometimes, do go awry. It's unfortunate that this had to happen, but now that it has, it will end the money drain, whereby they were holding 51% and contributing nothing. In an ideal world, they would have paid their fair share, and enabled you to use that money for exploration on the Altai, instead of having to put it up front and carry the whole burden. Perhaps in the long run, this will prove to be a pivotal moment for MGR. Between the POG and the default by the partner, it has been a rough ride, and perhaps you're overdue for some good luck for a change. Let's hope so! I guess this will also be a test of the Mongolian Legal System. I sure hope it's better than the one in Venezuela, where the sideshow never stops. I doubt it could be any worse.:-) Keep on trucking, and keep the faith. Cheers Shirley

To: Dave R. Webb who wrote (1934)	3/29/1998 8:38:00 AM
From: Bearcatbob	Read Replies (1) \| Respond to of 4066

Dave, If the POG had been higher and the initial operation better there would be no need to inject new capital. There weuld have been money in the company from cash flow for startup. To say that the POG has little to do with this can be judged by readers. I guess another thought must be that you ran down your supplies prior to shutdown to maximize cash flow - probably to pay for the shutdown repairs. Dave, I am sympathetic with the actual problem. To me the potential for it was obvious. I think you would have served your followers better if you had been more open with it. The next problem will be the duration of the shutdown. I believe it was Phil who asked about the employment plans of the key people plus the individuals who were supposed to be trained to produce ore with less dilution. What are these individuals doing now?