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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: Moot who wrote (835)	3/31/1998 8:22:00 PM
From: S. E. Baker	Read Replies (1) of 1248

Hi, Moot. Thanks for your post on the downsizing I mentioned. I also finally tracked down my own notes. I find I am right in principle and wrong in what I thought the original project design was. My apologies to all on the thread for getting everyone concerned, and I appreciate having my feet held to the fire. My note is from early 1997,when the redesign to the $23M arrangement was apparently being finalized. (That is the time I first began following SPE.) The original project cost was apparently about $60M, but I cannot see anything as to whether it was simply a larger heap-leach operation or a mill to go after the sulphides as well. If I remember correctly, the $250M plant cost I cited in my earlier post was actually a 250,000 ounce per year production rate for the $60M investment. Needless to say, it is not a good idea to switch dollar figures with ounce figures. I certainly agree with SPE's decision to redesign the Mizek plans and did not mean in any way to imply dissatisfaction with any part of that decision. I just hope that the redesign is sufficiently attractive to get financing! I abjectly apologize as I cringingly kneel before the altar of thread justice and beg piteously for mercy. My embarrassment knows no bounds, as I sit here sweating in fear of the judgement I face from the thread for my irresponsible (but in principle correct!) earlier post. <ggg> Your humbled servant, Steve

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