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

SPE 15.16

-0.6%

Nov 4 4:00 PM EST

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To: Leigh McBain who wrote (1102)	11/5/1998 11:25:00 PM
From: Robert Dydo	Read Replies (1) of 1248

Steppe Gold Resources Ltd SPE Shares issued 27,967,926 1998-11-05 close $0.06 Thursday Nov 5 1998 Mr. John Menzies reports In Stockwatch March 20, 1998, Steppe Gold announced that it had reached a heads of agreement with Goldbelt Resources for the sale of Goldbelt's 50 per cent interest in the Leninogorsk tailings project and 60 per cent interest in the high-grade massive sulphide Abyz deposit, both in the Republic of Kazakhstan. The transfer of these interests was to be completed by the sale of Goldbelt International, a subsidiary of Goldbelt. This transaction has been delayed for a number of reasons that have been largely outside the control of both Steppe and Goldbelt, principally relating to title issues on Leninogorsk. Both Steppe and Goldbelt have been and continue to resolve this issue with unrelated third parties in Kazakhstan. Goldbelt and Steppe are considering alternative arrangements and Steppe expects to reach a revised agreement by the end of January 1999.

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