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

SPE 15.18

-0.1%

Nov 7 4:00 PM EST

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To: RMF who wrote (679)	2/24/1998 8:06:00 PM
From: John Menzies	Read Replies (1) of 1248

MAJORS IN THE CARS emm, to truely understand the comment at the beginning of this sentence you have to watch "newsline" on Australiian TV - it it really deeper than it looks. There are a number of major mining companies in the Central Asian Republics of which Kazkastan is one. KAZKASTAN WESTEN MINING have a substantial land position adjacent to our SELETY licence. CAMECO are to the west of our SELETY licence. Well to the east NEWMONT have a very large licence south of the town of SEMEY. COGEMA progressing a large gold deposit to the south of our SOUTHERN URALS Licence. BHP have ground to the north east. URANTEZ and CAMECO doing urnaium exploration in the southern portion of the country. There are many more including NORMANDY POSEIDON who are exploring a large 50,000 square kilometre belt in southern Kazakstan. Many other majors are active and some are in the process of setting up office. Trnasworld Group in alunia production, Samsung in copper refining, Ispat in coal mining. CONCLUSION : THE MAJORS SEE THE POTENTIAL OF THE REGION AND SOME ARE IN PRODUCTION NOW. In Uzbekistan Normandy have just acquired a 2 million ounce gold deposit, Lonhro post JCI merger are apparently having another look at their deposit near Maurantau (which produces 2 million ounces per annum) Newmont are producing gold from the Maurantua waste dumps which go around 1.5 g/t gold. WMC have been negotiating the Zamaritan gold project for some time after winning the tender in 1997. CAMECO are producing 450,000 ounces of gold per annum from the Kumptor gold mine just across the border in Kyrgystan. There is a considerable amount of major activity here - the juniors are the ones not doing a a lot at the present time - so maybe you have it the rong ways about.

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