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

SPE 15.22

+0.1%

Nov 6 4:00 PM EST

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To: marcos who wrote (900)	4/27/1998 10:25:00 PM
From: John Menzies	Read Replies (1) of 1248

I have had a couple of calls today regarding the same question which you raised - it is spelled out in the previous post. For more: Q---WILL ANY FURTHER TESTWOK OR SAMPLING BE CONDUCTED BY THE BANK DURING DUE DILIGENCE ASSAYING ETC. No physical techncial due diligence (samplinng drilling, testwork etc) is anticipated in the bank due diligence process. Sampling has been carried out over 30,000 metres of drillng, plus bulk metallurgical sampling and of course the opne pit mining operatiosn. This work has been extensively audited by Roberts and Schafer, Minproc Engineers and Kappes Cassiday. We have also done numerous laboratory chaecks including metallurgical sampling and testwork on whole core. Metallurgical testwork was undertaken by Kappes Cassiday one of the most respect heap leach consulting/construction firms in the world. Additioanl confirmatory drilling in the form of duplicate and triplicate holes were drilled on teh advise of Roberts and Schaffer was carried out and the resuls were good. In summary there has been a vast amount of work done and it is very very improbable if any physical work was conducted during the due diligence - other than maybe the collection of a couple of samples from dill core - but I would think that even that would be unlikely. Q --- WHAT ARE THE DEVELOPMENT COMMITMENT Our commitment to Kazakhstan are in now way obligatory - simply our advertising of our firm commitment to develop the propoerty and we have commenced and largely completed a substantial program on the ground. We are fully in compliance with all out Mizek licence and contractural terms and conditions. In November in the course of due diligence we obtained offical documentation from the appropraite government authorities that we were in full compliance with our Mizek licence and that we had the right to export gold. Q -- WHAT IS CONSTRUCTION EXPENDITURE ON MIZEK TO DATE: A --- Site construction works has been completed on the Mizek project with a budget of $1.5 million. The budget figure is from the orginal feasibaility capital cost estimates. We annaounced that we had completed the construction of the structural shell of the acocmodation building and most of the site earthworks- lots of earth was moved and a couple of small hills removed. Equipment on site included: 1 D9 eq bulldozer 2 blast hole rigs 1 grader 3 trucks 2 front end loaders 3 scrapper 2 rollers 2 water trucks 2 excavators plus fuel trucks and service vehicles. A veritable army of equipment.

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