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

To: Pete Schueler who wrote (1948)	3/30/1998 10:02:00 AM
From: Dave R. Webb	Respond to of 4066

Interesting thought Pete. Our equity in Bumbat is over US$6 million, or almost CAN$10 million with no debt. Our current market capitalization is closer to CAN$5 million. It would be much cheaper to buy MGR than buy the project at these current prices. I wonder if they have bought any shares?

To: Pete Schueler who wrote (1948)	3/30/1998 1:16:00 PM
From: Phil Jones	Read Replies (1) \| Respond to of 4066

Pete: I was also wondering about that, as were probably some of the other investors. In that scenario there would be no incentive for the Mongolian partner to negotiate. I assume that when MGR first became involved with this Mongolian partner some investigation would have been done to evaluate the background and ethics of the partner. Dave, these scenarios are getting a bit unnerving. I can't see that the Mongolian Gov't. will be too happy with MAC screwing around MGR, since it will drive out other foreign investment.