Steppe Gold (SPE:V) Message Board

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

SPE 15.20

+0.6%

4:00 PM EST

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To: John Stokes who wrote (589)	1/30/1998 12:21:00 AM
From: Robert Dydo	Read Replies (1) of 1248

I would not put too much in expectation of dividends. I would rather see buy back of the part of the float when there will be enough profit. The share structure is controlled by insiders in form of the 34% and there are restrictions in total of some 53% in common shares. Both banks do financings as you know they own Wood Gundy and RBC Securities which are very good vehicles for juniors as well other companies for financial assistance. SB is specializing in precious metals and is the best thing so far as a response to Steppe efforts in K. Commitment is a fact (as last news release)the technical and legal dd(documentation) is not finished yet. Using brian's mortgage reference they have preapproved one, now is time to write the loan structure. The upseting part of this market is lack of speculative sense which may come unfortunately either from general smarting up or total consternation. This is evident in SPE example and falls in second category in my mind. One of the examples which may serve here is EMC situation. Ecuadorian Minerals has 4M oz prospect called Gaby. Feasibility study was done and just recently they have aquired financial help from Swiss investors in form of $2M. stock was trading at 0.26 about month and half ago. Now after financing they sit at 0.50. The deposit is low grade and I don't think that costs are coming to be in profit. The region is not oasis of peace neither. Despite of that stock free from political or administrative controversies reacts positively to POG as much as to good news. It is worth noting that is not even close to opening the mine or receive financial backing in any way as SPE does. Those examples are showing how gullible investment public is to generalization which in SPE case I believe is hardly applicable. The situation in Iraq is one where US is playing the lead role and as such is being in the center of the moment. I would not factor this in SPE's market performace in any form. The Kazakhstan's oil could benefit from isolation of Iraq's production capabilities and that is why there is so much US oil firms in K and certainly for the same reason, US is in the Middle East. I wanted my previous post to show that criteria which were once enough to appreciate value in one day session in levels of 100 to 200% can no longer create excitment in the market. By defining the problem issue(which this thread including John is doing)and addressing it, at least few could benefit by enforcing the will to hold in moments of frustration, where the emotion takes over the calculation. Regards Robert

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