FIRST NATIONAL CITY BANK ESTABLISHED 1812 MEXICO CITY BRANCH December 8, 1971 AV. ISABEL LA CATOLICA No. 54 MEXICO 1, D. F. IN REPLYING PLEASE QUOTE VIA AIR MAIL JRF CABLE ADDRESS "CITIBANK" MAIL: APARTADO 87 BIS Mr. Weston Bourret Vice-President Utah Constructions & Mining Co. 550 California Street San Francisco 94104, Cal. U.S.A. - Dear Mr. Bourret: In the past several months we have been increasing our business with the mining industry. I contacted Mr. Jose A. Garcia and we talked about their interest in developing a large scale tin project in Mexico. I remember when you visited Mexico City that you were looking for a large mining project Also, you can remember how I insisted in tin as a potencial metal to be produced in Mexico. Therefore, I am writing you to know if you are still interested in participate in a mexican mining venture. For your information Mr. Jos A. Garcia is one of the major shareholder of Industrias Peoles, President of Cia. Fresnillo and throu Cisneros and Garcia, S.A. he holds ten medium size companies. Very truly yours, J Ing. Javier Ramirez Figueroa Account Manager piv January 4, 1972 Ing. Javier Ramirez Figueroa Account Manager First National City Bank Mexico City Branch Av. Isabel La Catolica No. 54 Mexico 1, D. F. Dear Ing. Figueroa: Thank you for your letter of December 8 in reference to the tin project under investigation by Sr. Jose A. Garcia. A few months ago I had the pleasure of meeting Sr. Garcia briefly at the Engineer's Club here in San Francisco. He is a most distinguished gentlemen and we have several mutual friends. I know you will recall from our September conference in Mexico City that Utah International is interested in learning more about mining opportun-ities in Mexico; and that at that time you were kind enough to loan Hugh Douglas and I a number of publications. These we have supplemented through the library at Stanford University.and the U. S. Geological Survey. I mention this because we are still researching Mexico although the Holiday Season has caused some delay. In reference to your question about tin, I should mention that for a number of reasons we have shied away from tin mining as an investment opportunity -and while I will not attempt to explain all of our reasons for this decision, one factor might be mentioned, namely, the traditional system of marketing tin, international quotos, cartels, which at times are detrimental. In about a week or ten days, Utah International will release its 1971 Annual Report. I shall of course send you a copy with the thought that it may prove helpful in illustrating the kind of mining operations this Company engages in. We produce raw materials for the steel industry; also uranium and copper. The report describes these activities in some detail. Wishing you a very successful New Year and with kind regards, Sincerely yours, Weston Bourret Vice President WB/nam c.c. H.D.