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

SPE 14.90

+0.4%

Jan 8 4:00 PM EST

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To: Agostino Teoli who wrote (10)	3/24/1997 5:10:00 PM
From: Agostino Teoli	of 1248

NEWS RELEASE!! March 24, 1997 Acquisition of 1.5 Million Hectare Tenghiz Exploration Licence, Kazakstan VANCOUVER, March 24 /CNW/ - Steppe Gold acquires 69% interest in 1.5 million hectare Tenghiz licence. The area is host to many gold deposits and has potential for the discovery of gold/copper porphyry systems. The region, which has complex structural geology, will be explored using modern geochemical techniques for the first time. Steppe Gold has pleasure in announcing the acquisition of the 15,400 square kilometre (1,540,000 hectare) Tenghiz Exploration Licence. Steppe Gold has a 69% interest in the licence with the remaining equity being held by Kazak joint stock companies unrelated to Steppe Gold. No consideration has been paid for the licence. Steppe Gold is project manager and must finance all exploration and development. All expenditure on the licence can be offset against 88% of all income from the proceeds of any future mining operations. Gold and copper mineralisation in the licence is located within east-west trending fault bounded fold belts cored by basement intrusive and volcanic complexes. The targets for Steppe Gold exploration will be areas of older upfaulted basement complexes which appear to be the focus of mineralisation in the region. The area was specifically selected due to its structural similarity to the Vasilkovskoye goldbelt to the north which hosts many major gold deposits. Historic gold exploration has been focused on the southern portion of the licence where the Ushaky, Zhantirbulak and Koptas quartz vein and stockwork mineralisation have been extensively evaluated. Away from these areas exploration has been limited. Local geologists consider this area to have excellent potential for the discovery of gold stockwork and gold-copper porphyry mineralisation both within and close to intrusive complexes of various ages. During the 1997 field season reconnaissance geological and geochemical surveys will be undertaken and all known mineralisation will be evaluated. Steppe Gold is exploring the Mizek exploration licence and completing the Mizek feasibility study. Steppe Gold exclusively focuses on Kazakstan and is committed to the country with several regional offices and more than 35 staff. EMail jmenzies(at)iaccess.com.au 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: Mr. Ed Farrauto (604) 689-7837 or Mr. John Menzies, President (604) 689-7837

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