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Gold/Mining/Energy : Steppe Gold (SPE:V)

SPE 14.84

-0.4%

Jan 7 4:00 PM EST

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To: Agostino Teoli who wrote (12)	4/3/1997 10:40:00 AM
From: Agostino Teoli	of 1248

NEWS RELEASE!! April 2, 1997 Mizek Heap Leach Feasibility Study Update, Kazakstan VANCOUVER, April 2 /CNW/ - Steppe Gold plans to become the first significant foreign gold producer in Kazakstan. Encouraging results from initial metallurgical testwork has focused Steppe Gold on completing a heap leach feasibility study as quickly as possible. Following completion of the feasibility study construction would commence during 1997 with production in the first half of 1998. Steppe Gold is completing a bankable feasibility study on the Mizek gold deposit located within the northern portion of the 440,000 hectare Mizek exploration licence in Central Kazakstan. Steppe Gold has largely completed: - Hydrological studies which have defined water resources sufficient for a heap leach operation - An Environmental Impact Study to a standard suitable for international bank financing - Geotechnical studies of the proposed open pit and heap leach pad sites - Ore reserve modelling and estimation, and - Construction of a 100-man camp to western standards at the Mizek site. Heap leach metallurgical testwork supervised by Kappes Cassidy & Associates has been completed on representative samples with excellent initial results. Kappes Cassidy & Associates, a very experienced heap leach engineering firm, have been engaged to conduct the feasibility study and additional samples have been selected under their supervision for additional and confirmatory heap leach metallurgical testwork. Preliminary results from a scoping study have indicated a project capital cost as low as $US12m for a 1.1 million tonnes per annum heap leach operation. Cash operating costs are expected to be under $US200 per ounce with an annual production of approximately 60,000 ounces. Construction is planned to commence in 1997 with completion early in 1998. Substantial potential exists within the licence for the development of additional oxide reserves. A geochemical exploration program conducted during the latter half of 1996 resulted in the definition of a large number of gold and base metal anomalies including a high order anomaly (to a peak of 3g/t gold) to the immediate south of the Mizek gold deposit, a large anomaly surrounding the Mizek deposit which extends well beyond areas tested during the 1996 exploration effort and numerous gold and base metal anomalies along the 100 kilometres of prospective strike within the licence. These areas will be evaluated with systematic exploration planned for 1997. Steppe Gold aims to become a substantial gold producer and plans to develop all its projects in compliance with the most cost effective industry standards and to the highest environmental standards. Email: jmenzies(at)iaccess.com.au or Website: info-mine.com The Vancouver Stock Exchange has not approved nor disapproved of the information contained herein. Not for distribution to any US news wire service or dissemination in the US. For further information: John Menzies, President, (604) 691-1751 or (604) 803-5910 (Cell Phone)

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