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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: Robert Dydo who wrote (933)	5/20/1998 11:43:00 PM
From: S. E. Baker	Read Replies (1) of 1248

Robert & MICAP: Thanks for your responses. Good points made. Again, I cite the recent appointments to their board in light of their need for financing to close. I perceive the appointments most favorably but, of course, things can go wrong even in the best of situations. It seems to me that news on the financing and any possible joint venture would be delayed until after the GDB vote (since taken) and the normal dotting-i-and-crossing-t period necessarily occurring thereafter. Provided that said legal work is fairly far along, news should be forthcoming within the next 2-4 weeks. If it is not well along, then they'll need the full four months. The recent appointments and the necessity to be conservative in originally setting the four-month period indicate SPE folks feel the time to signing would be rather less than four months. The stock is acting very poorly, though, so I hope something happens soon to perk it up. Steve

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