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

To: Phil Jones who wrote (2547)	8/27/1998 6:48:00 PM
From: Dave R. Webb	Read Replies (2) \| Respond to of 4066

First, I'd like to say that the quality of posts on this thread, even when opinions are diametrically opposed are honest and intelligent. There are very few, if any mindless jibs at each other, and I both admire and appreciate it. There are many reasons why I am in Mongolia. I have to do whatever is possible to assist in getting Bumbat going. If it means helping MAC with a sale...so be it. The prospective buyers are intelligent people risking their funds. They are doing their homework. There is no time limit on this, other than what they wish to impose on themselves. They are fully aware of the costs of start-up. This is factored into their evaluations. Very few prospective buyers would consider buying and warehousing the property....although some majors have been known to do this, major are generally not interested in a 300 TPD operation unless there is some pretty serious oversight on the resources available. MGR is interested in increasing its equity in Bumbat. We also must factor in start-up costs. It is not possible to use equity to finance this because of current market conditions. There are alternatives which we have, and are continuing to review. Dave