Casey says prospects dim so it's time to sell
Steppe Gold Resources Ltd SPE
Shares issued 27,967,926 Oct 20 close $0.07
Tue 20 Oct 98 In the News
Doug Casey, writing in the Oct. 1 issue of his International Speculator,
says Steppe Gold Resources is a sell at eight cents. Mr. Casey recommended
Steppe in December 1997 at 36 cents in spite of the Kazakstan government's
reputation for cancelling deals with foreigners. At that time Steppe had
two prospects, including a gold property that he thought could be a
near-term producer at 80,000 ounces a year. The globe-trotting letter
writer, who calls Kazakstan "Chaostan" because of its unpredictable
government, dilapidated infrastructure and general ambivalence about the
benefits of Western investment, says he no longer views Steppe's future as
promising. "They're out of money, and have too low a share price and too
many shares out to make raising more feasible," he says. Steppe had
$2.2-million in working capital as of Dec. 1, 1997, and 34 million shares
outstanding. |
