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

SPE 15.24

+0.3%

Nov 7 4:00 PM EST

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To: brian krause who wrote (834)	3/31/1998 10:04:00 AM
From: Moot	Read Replies (2) of 1248

Down-sizing/Re-thinking Brian: You are right insofar as the Mizek Project as outlined in the feasibility study completed in July is concerned--it hasn't been down-sized. However, Steppe's initial approach was for a somewhat larger project. John pulled the plug on that when it became clear that the costs were becoming unmanageable. They re-thought their plans for their first development and commissioned a more limited scoping study to exploit the Mizek oxide cap. I believe this was completed in February and was followed by the bankable feasibility study. So, it isn't that the Mizek Project as outlined in the scoping study and feasibility study of last year has been down-sized, but that Steppe's whole approach to its opening move in Kazakhstan was down-sized or re-thought, if you like. Steve is correct, in that respect. As for the approximate date, I'm not quite sure. I believe it was some time in 1996. John reviewed the events for me some time between the February scoping study and the final feasibility study. It struck me as a wise management decision--it was also clearly unpopular in some quarters. Shareholders who had come on board earlier at much higher prices were very disappointed. Nonetheless, while there may have been some short-term price appreciation if Steppe had pushed on, the whole thing would have collapsed when it became clear that a project of that scale was not viable at the time. I think this should all be read as evidence that Steppe is committed to its objective of becoming a major mineral producer, not to running the share price up for a short-term gain. Regards.

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