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

To: Phil Jones who wrote (1950)	3/30/1998 4:27:00 PM
From: Dave R. Webb	Read Replies (2) \| Respond to of 4066

MAC was the government's assignee of their interest. MGR's original agreement was with the Government of Mongolia which they later assigned to Khailast Mining Company, and later reassigned to Mongol ALt Corporation. We did not complete a due diligence on them, as we had no say in the assignment....it was the government's right. We have completed DD on our other partners, and are satisfied with them. The Government of Mongolia has made it clear that they are open for business. They will not interfere in legal commercial relationships, other than to enforce the law. All parties appreciate this response, and we strongly believe that this is in the best interest in all parties. Yes, other company's are watching this closely, and we think that the outcome will be negotiated, and not have to rely on litigation. We believe that MAC simply took advantage of an opportunity that we will no longer offer. It's time to ### or get off the can. Dave