Jay Taylor tells ROB-TV about the short position in gold

Section:

March 31, 2006

Wayne Murdy, Chief Executive Officer
Newmont Mining Corp.
1700 Lincoln St.
Denver, Colorado 80203

Dear Wayne:

I've written Newmont CEOs over the last five years about my
concerns that the gold market is rigged by the U.S. and other
governments working through the big Wall Street bullion banks
(Goldman Sachs and JP Morgan). Most of us shareholders hold Newmont
in hopes of making money from an increase in the share price.
Because the price of gold is often a key factor in the price of a
gold mining stock, anything that keeps the price of gold down harms
us outside shareholders. You, as CEO, have an obligation to advance
our interests. I keep writing to you in hope that someday you will
perform your duty to advance the cause of us outside shareholders.
My earlier letters listed specific actions that Newmont's CEOs
should have taken. Unfortunately, up until now you people have
chosen to do nothing.

For example, in a letter dated October 30, 2001, to then-Chairman
Ronald Cambre, I wrote the following:

"As I'm sure you are aware Reginald Howe's lawsuit against the
alleged conspirators will be heard in a federal court in Boston on
November 5. The legal filings, which I am sure you are already
familiar with, can be found at the GATA Web site (www.gata.org).
Howe presents a compelling case with a lot of supporting
documentation while the counter-arguments from the lawyers
representing the government and the bullion banks are, by
comparison, very weak. The object of the Howe lawsuit is to force a
return to a free market in gold. Nothing would benefit your
shareholders more than Howe's success.

"If the Howe lawsuit proceeds to discovery will Newmont support
Howe's efforts? If not, why not?"

In that case, Howe v. Bank for International Settlements et al.,
Howe made the case that the gold market was rigged and the Bank for
International Settlements (BIS), which is known as the central
banks' central bank, was a key player in the criminal fraud. The
case was dismissed. As I understand it, the judge did not rule on
the factual merits of the case but said Howe lacked standing to sue.
I was hoping that Newmont would support Howe. He was a lone lawyer
standing up to the U.S. government and lawyers for the BIS and the
big Wall Street firms. Had Newmont stood up for its small
shareholders and helped, he would not have been so lonely.

The spirit of that dismissed case has now come back to life.
Attached to this letter is an article that Howe wrote on his Web
site, www.goldensextant.com. He states:

"William R. White, economic adviser and Head of Monetary and
Economic Department at the Bank for International Settlements, has
confirmed the central allegation of the complaint in the gold price
fixing case: that the BIS is the principal hub through which
the major central banks organize their price fixing activities in
the gold market. In February 2006 the bank published the proceedings
of its fourth annual conference held in Basel on June 27-29, 2005,
as BIS Paper No. 27, Past and Future of Central Bank Cooperation. In
his opening remarks to the conference and based on his 11 years of
service at the bank, Mr. White stated in part:

" ... And last, the provision of international credits and joint
efforts to influence asset prices (especially gold and foreign
exchange) in circumstances where this might be thought useful."

Newmont sent a response to an earlier letter I mailed you. In a
letter dated May 13, 2005, Wendy Yang of Investor Relations wrote:

"As a publicly traded company with strict standards for corporate
governance and business ethics, we must refrain from making
allegations and conjecture without sound evidence of market
collusion."

Wayne, does an admission from the BIS that they "influence asset
prices (especially gold and foreign exchange)" meet your "strict
standards" for "sound evidence"? If not, what would it take? Do you
need President Bush to go on television, open up a vein, and write a
confession with his own blood?

In the attached article, Howe makes the case that the BIS admission
changes the ground rules for companies like Newmont. My non-lawyer
interpretation of his thesis is that since the price of gold has an
influence on Newmont stock, and since the BIS has admitted to
influencing (that is, rigging) the gold price, you must disclose
this risk in your filings with the Securities and Exchange
Commission.

So, Wayne, from now on you need to tell potential investors that if
the BIS forces down the price of gold, or even merely prevents it
from rising, they may lose money. I guess you could say that since
the BIS confessed, willful ignorance no longer works as a
business strategy.

Please give a copy of this letter and the attachment to the
following people:

-- Britt D. Banks, Newmont general counsel. Should Newmont fail to
disclose the risk that a manipulated gold price presents to its
shareholders, someday the company could be forced to pay out a lot
of money. That would not be very good for us. Mr. Banks should be
aware of this possibility and take the appropriate action.

-- Every member of Newmont's Board of Directors. They need this
information in order to perform their oversight duties.

-- The PricewaterhouseCoopers partner who is in charge of the
Newmont audit. Failure to require disclosure could someday subject
his firm to a fortune in legal fees and damage settlements. Also,
you should give him with copies of my letters of October 30, 2001,
March 25, 2005, and January 26, 2006.

Sincerely,

Henry Fellerman
Denver, Colorado

Attachment: "Now They Tell Us: BIS Confirms rigging Gold Prices,"
March 24, 2006, www.goldensextant.com.

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