Mongolia at it again!!Any one interested in chipping in to buy Crowe and Upper management a one way ticket to UB?? LMAO As far as I am concerned, the value of ETG is in the OT camp and the exploits in Nevada are not doing much other than burning through ETG's cash. Their is lots of low grade copper in Nevada and the majors have their pick and so no one is going to knock on ETG's door over their Nevada properties. I suspect that this is the reason that ETG trades below cash value. Cash that is just being burned and is not being distributed to investors or saved for a worthy project (OT in this case) really has no forward worth and so why would investors want to pay full price on it?
JMO as I have always liked this company but never had much use for the management.
Mongolia jails American, two Philippine citizens in tax evasion case
By Terrence Edwards
BEIJINGFri Jan 30, 2015 9:10am EST
(Reuters) - Resource-rich Mongolia on Friday jailed an American and two Filipinos for more than five years after finding them guilty of tax evasion, ending a three-year case that deterred investors.
Perceived resource nationalism in Mongolia, fed by suspicion at foreigners taking control of some of the world's largest coal and copper deposits, has led to an annual decline of 71 percent in foreign investment in the year to November 2014.
Prosecutors said a panel of judges levied a fine of $35 billion tugrik ($18 million) on Toronto-listed SouthGobi Resources Ltd., besides the prison terms for the men, former employees of the firm.
The "verdict was guilty," the general prosecutor's office said in a brief statement.
The three men were U.S. citizen Justin Kapla, and Philippine citizens Hilarion Cajucom Jr and Cristobal David.
U.S. Ambassador Piper Campbell and some embassy staff attended the trial, where they noted "several interpretation problems", the U.S. embassy in Mongolia said in a statement.
"Because of these problems, the defendants stated during the trial that they could not understand the interpretation, nor could they express themselves clearly," the embassy added.
The Philippines embassy could not be reached for immediate comment.
Earlier, judges had twice returned the case to prosecutors, citing insufficient evidence.
Travel bans during the investigations have kept the convicted men in Mongolia since May 2012. Kapla registered a case with the U.N. Human Rights Committee after being unable to leave for more than two years.
The case began after Mongolian authorities raided the offices of SouthGobi Resources' mining unit, SouthGobi Sands, in May 2012. SouthGobi mines the Ovoot Tolgoi coal deposit in the Gobi desert, 40 km (25 miles) from the Chinese border.
The raid followed SouthGobi Resources' acceptance of an offer from Aluminum Corp. of China Ltd. to buy a majority stake.
The deal sparked controversy over the prospect of a Chinese state-owned company taking control of the mine. Mongolia adopted new laws that year to curb foreign investment, effectively blocking the deal.
Mongolia has historically been hesitant to hand strategic assets to China after centuries of feuding between the neighbors.
(Editing by Clarence Fernandez)