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

To: Bill Jackson who wrote (2490)	8/9/1998 11:07:00 AM
From: Dave R. Webb	Read Replies (1) \| Respond to of 4066

MAC is still proceeding with the sale of their interest as far as we know. This is what they have stated, and what the people bidding believe. The problems at Bumbat are basic start-up problems that for the most part had been overcome. The structure of the operating agreement made management decisions slower, more costly, more difficult, and occasionally incorrect (common to many joint ventures). There is a learning curve that was pretty steep. For us it related to doing business in Mongolia, learning the social and legal system. For our partner is was hard-rock mining, profit-based business practices, and joint venturing. The first step is to identify the problems. Next assess whether they can be fixed, and at what cost. Now we can move forward, but we are still relying on our partner to complete their sale. Dave