QGX MONGOLIA LLC Diplomatic Services Building 95-56 Phone : 328281, Fax: 328289 Nov 07,2003 Ulaanbaatar Your Excellency Mr. S. Batbold, Shares of Altai Trading I write to ask you to please consider an alternative offer for your shares in AGR. As you know, today is the final day to tender your AGR shares and to accept the CGX offer. CXG is offering 3 CGX shares for every 2 shares of AGR to AGR shareholders. One of the flaws with the CGX offer is that the CGX shares are highly illiquid. It will be difficult, if not impossible, to sell your 24,350,000 shares without forcing the share price of CGX downward. Instead, we would like to offer you a choice of either cash or shares in QGX stock. Our proposal is the similar in value to the CGX offer, but our proposal provides liquidity. QGX is one of the most liquid trading shares (by dollar volume) on the Toronto Stock Exchange (QGX: TSX-V). Our market capitalization is C$184 million or US$137 million. Last week Barrick Gold (ABX-NYSE) chose QGX to be their partner in Mongolia and purchased 9.5% of QGX's stock. QGX was the first western company to apply and to receive a license in Mongolia in 1994. Our goal is to acquire at least 15% of the AGR shares and thus becomes a substantial partner alongside Cameco (55.5% shareholder of AGR). We have discussed our proposal with most of the other "Minority Shareholders" of AGR and they have expressed an interest to accept our offer should both Associated Gold Fields (Resolute) and Altai Trading accept. Mr. Peter Sullivan has indicated an interest to accept the QGX offer. I now ask you to please not tender your shares and to consider the QGX offer. As well, QGX would like to propose a similar offer for the 5% of the Boroo mine that Altai Trading owns directly. If accepted, QGX would then become a 20% owner of the mine. I urge you to please call me at 1-925-855-0505 to discuss. I appreciate your time and consideration. Yours sincerely, Paul Zweng Chief Operating Officer QGX Ltd. (925) 855-0505 qgx@pacbell.net

Our goal is to acquire at least 15% of the AGR shares and thus becomes a substantial partner alongside Cameco (55.5% shareholder of AGR). We have discussed our proposal with most of the other "Minority Shareholders" of AGR and they have expressed an interest to accept our offer should both Associated Gold Fields (Resolute) and Altai Trading accept. Mr. Peter Sullivan has indicated an interest to accept the QGX offer. I now ask you to please not tender your shares and to consider the QGX offer. As well, QGX would like to propose a similar offer for the 5% of the Boroo mine that Altai Trading owns directly. If accepted, QGX would then become a 20% owner of the mine. I urge you to please call me at 1-925-855-0505 to discuss. I appreciate your time and consideration. Yours sincerely, Paul Zweng Chief Operating Officer QGX Ltd. (925) 855-0505 qgx@pacbell.net

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