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Gold/Mining/Energy : Goldbelt Resources (GDB.V) - anyone follow this ?
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To: dan wynne who wrote ()3/10/1998 4:38:00 PM
From: John Sladek  Read Replies (1) of 44
 
March 9, 1998:Shift In Company Focus

Mark A. Wilson, CEO of Goldbelt Resources Ltd. announces that Goldbelt Resources' Board
of Directors has decided to shift the focus of the Company's on-going activities away
from its exploration and development operations in the Republic of Kazakhstan to
opportunities in other parts of the world.

Goldbelt has four exploration and mining licenses in Kazakhstan where it has been active
since 1992. Difficulties in working in a developing market economy and the overall lack
of investor interest in Kazakhstan led to the decision that Goldbelt's immediate and
longer term prospects would be better advanced in a different geographic and political
environment.

Goldbelt will be looking to maintain an on-going presence in Kazakhstan through joint
venture arrangements with other parties who would be pursuing the exploration and
development of Goldbelt's licenses. Discussions with other parties are now in process.

Goldbelt's four exploration and mining licenses include a 50% interest in a
gold/silver/zinc tailings deposit containing 100 million tonnes of 0.7 g/t gold, a 60%
interest in a massive sulphide deposit with 4.4 million tonnes of mineable reserves
averaging 6.4 g/t gold, 2.1% copper and 5.3% zinc, and an 80% interest in two licenses
covering approximately 19,000 square kilometres of advanced exploration area.

TEL: (303) 297-9987 Mark A. Wilson, CEO FAX: (303) 297-9985 Goldbelt Management Services
Inc.
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