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

SPE 15.00

+0.3%

Jan 12 4:00 PM EST

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To: Agostino Teoli who wrote (3)	3/12/1997 11:13:00 AM
From: Agostino Teoli	of 1248

NEWS RELEASE!! March 11, 1997 Acquisition of 18,600 Hectare Vasilkovskoye East Exploration Permit, Kazakstan VANCOUVER, March 11 /CNW/ - Steppe Gold has pleasure in announcing the acquisition of the 186 square kilometre (18,600 hectare) Vasilkovskoye East Exploration Licence. The licence is located in the Vasilkovskoye - Bakyrchik gold belt in northern Kazakstan - one of the more gold rich areas in the world, where a large number of advanced gold projects await development. Steppe Gold has a 69% interest in the licence with the remaining equity being held by Kazak joint stock companies unrelated to Steppe Gold. No consideration has been paid for the licence however Steppe Gold is project manager and must finance all exploration and any future development. All expenditure on the licence can be offset against 88% of all income from the proceeds of mining operations. The licence is strategically located along the eastern side of the Vasilkovskoye intrusion which is host to the Vasilkovskoye gold deposit. Vasilkovskoye contains a well defined resource of 180mt at 2g/t gold for 11.5 million ounces of contained gold. The Vasilkovskoye gold deposit is a very large quartz vein stockwork within a complex upper Ordovician intrusion. The mineralisation is strongly structurally controlled at the intersection of the NW trending Dangul-Agash and the NE trending Vasilkovskoye-Beryozov shear systems. The eastern boundary of the intrusion within the Steppe Gold licence is strongly deformed with widespread silica and sericite alteration and disseminated sulphides along a 15 kilometre structural corridor. Numerous stockwork gold deposits have been located both within and outside of the Steppe Gold exploration permit. Importantly the known gold mineralisation in the Vasilkovskoye East licence occurs close to the intersection of the deformed granite contact and the NW trending Dangul-Agash shear system, a similar structural setting to the Vasilkovskoye deposit. Outcrop along the prospective eastern side of the intrusion is poor with a thin veneer of transported soil. This area has been poorly explored and modern geochemical techniques have not been utilised to evaluate the potential of the area. Most of the available geological information in the area has been derived from shallow reconnaissance drilling frequently conducted during Soviet times to assist regional geological mapping programs. The drillhole spacing is very broad however Steppe Gold is most encouraged by the results of Soviet exploration and believes that the area has the potential to host deposits similar in size to the Vasilkovskoye deposit. Steppe Gold intends to undertake a reconnaissance geological and geochemical survey during the 1997 field season. The Vasilkovskoye Exploration Licence adds considerable potential to the company's existing property portfolio. Steppe Gold is exploring the Mizek exploration licence and completing the Mizek feasibility study. Steppe Gold exclusively focuses on Kazakstan and is committed to the country with several regional offices and more than 35 staff. The Vancouver Stock Exchange has not approved nor disapproved of the information contained herein. Not for distribution to any US news wire service or dissemination in the US. EMail: jmenzies(at)iaccess.com.au Website: info-mine.com For further information: Mr. John Menzies, President (604) 689-7837

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