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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: brian krause who wrote (548)	1/27/1998 7:21:00 PM
From: Robert Dydo	Read Replies (2) of 1248

Were you thinking of this release: Mizek project financing "Steppe Gold Resources Ltd SPE Shares issued 23,288,177 Jan 26 close $0.38 Tue 27 Jan 98 News Release Mr John Menzies and Mr Robert Bell report The company has now received a letter of commitment from Standard Bank London for the provision of project debt financing for the Mizek gold project. The commitment is open for acceptance by the company until January 30 1998. The commitment and the terms of the financing will allow the company to move forward to finalize the remaining funding required to complete the Mizek project, which is expected to produce more than 80,000 ounces of gold in the first full year of production at a site cash cost of less than US$120 per ounce. Construction of the heap leach pad base and related earthworks are largely completed and the company plans to finalize this work when weather conditions permit. The financing facility is structured as up to US$20 million as a primary facility with a further US$4 million facility provided as a standby facility, to meet possible project cost over runs and, also, a US$5 million gold hedging facility. As part of the consideration for the loan facilities, the company will issue two million warrants to Standard Bank. The warrants will be issued upon completion of definitive documentation. The warrants will be exercisable over a two year term, at $0.40 for the first year and $0.46 for the second." Regards R

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