Steppe Gold (SPE:V) Message Board

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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: tudor who wrote (866)	4/6/1998 9:43:00 PM
From: Robert Dydo	Read Replies (1) of 1248

First of all company is located in Kazakhstan. I am not sure if you aware but some of juniors have trouble in there. If you read this thread you will find many opinions to why things happened the way they did. There are certain differences between SPE and others, like: 1/SPE is building own projects, using existing data, Soviets and recently Goldbelt's as much as their own. They build own infrastructures, they don't manage over obsolete plants, mines, they don't have social baggage of past regime to carry. Those things that SPE is not doing were the reasons why some of junior ventures were unsuccessful, once more in my opinion. Company accepted a term sheet from Standard Bank of London for debt facility which sums up to US$29M including hedge facility for development of their mine Mizek. We all wait here for final approvals. There is a information about ongoing discussions with major companies over SPE's properties with special interest in Kosmurun and Akabastau deposits. Please go to my link again as of now you can find a direct link to company's web page for detail info. This calculation does not include agreements which allow Steppe to retrieve 91% of cash flow till all exploration and development costs are repaid ( for some of the projects). Currently there is number of outstanding warrants which if exercised will bring approximately $20M to Steppe's account (diluting stock to 40-45M shares). I do believe that SPE is grossly undervalued and specially in renewed optimism in Gold, does make it a very attractive target. Please do you own dd as my table is only illustration of the geological potential and metal value assigned to this potential, not actual share price expectation. Regards Robert

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