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Gold/Mining/Energy : Steppe Gold (SPE:V) -- Ignore unavailable to you. Want to Upgrade?

To: brian krause who wrote (475)	1/16/1998 2:19:00 AM
From: John Menzies	Read Replies (4) \| Respond to of 1248

*NEWS RELEASE*** info-mine.com MIZEK PROJECT - FINANCING/PERMITTING ÿ VANCOUVER: John Menzies, President and Robert Bell CEO of Steppe Gold Resources Ltd are pleased to announce today that the company has obtained final environmental approval from licensing authorities in Kazakstan for the Mizek gold project. The Project Plan has also been approved for construction. Steppe Gold has concluded negotiations with Standard Bank of London for the provision of a senior debt facility for the development of the Mizek gold project. This facility is structured as up to US$20 million as a primary facility with a further US$4 million facility provided as a standby, to meet possible project cost over-runs. Conclusion of this financing remains subject to formal credit committee approval, which is anticipated shortly, as well as satisfactory legal and technical due-diligence and documentation. The Mizek project is expected to produce more than 80,000 ounces of gold in its first full year of production at a site cash cost of less than US$120 per ounce. Construction of the heap leach pad base and related earthworks are largely completed and the company plans to finalise this work in the spring of 1998. Work at site has now been suspended as anticipated due to the onset of winter.