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

To: tango who wrote (522)	1/21/1998 10:33:00 PM
From: brian krause	Read Replies (3) \| Respond to of 1248

Heidi (tango) I have just returned from as great day of skiing and fired up my computer to see if you would respond to my posts yesterday. I wanted to take a break but with an opponant like yourself I guess that it's just to compelling. Hope you have the balls to continue. Question: Why would Hillary be over in Kazak at the same time Nazarbayev was visiting the U.S if Nazarbayev was over here begging. Seems to me that it was an exchange of friendship. More to follow......

To: tango who wrote (522)	1/21/1998 11:31:00 PM
From: Robert Dydo	Respond to of 1248

Before you go away tell me of this book, is this the book published on the web site or is this an official news release? This is the interesting fragment: March 21/97 "Plans are to process approximately 900,000 lb of U308 from the existing uranium ore stockpile. By the third quarter of 1997, it is anticipated that mining will be re-commenced at two underground mines. Total planned production for 1997 is 1.8 million lb of U308, including from the stockpile. Present plans are to increase production from the underground mines to at least 2.2 million lb of U308 by the year 2000. In addition, during the balance of 1997, it is anticipated that approximately 1.7 million lb of U308 will be toll-processed at the mill for KazAtomProm, the Kazakstan government-owned company. As a result of the recently signed agreement, projected annual production (net to the world wide interests) should increase to at least 4.3 million lb of U308 by the year 2000. It is anticipated that an additional 4 million lb of U308 will be toll-processed annually for KazAtomProm by that year." Forget the underground mines. Start of operation: March 21/97 end of the year leaves us approx.8 months and 10 days,which is 100,000 lb per month of uranium from stockpile. Furthermore: "The relevant permit was required under a 1993 agreement between the US and Kazakstan governments which had settled an earlier US anti-dumping action brought against Kazakstan, Russia and Uzbekistan. That agreement established a quota for Kazakstan-source uranium entering the US, which is currently 1.4 million lb U3O8 per year. This quota system expires in October 2000. Under World Wide's agreement to manage (with option to purchase) the TGK uranium project, World Wide is entitled to sell internationally all uranium produced by it at the TGK project at free world prices and to participate freely in the international spot and long term markets. This right is subject to the obligation to obtain export licences where necessary and to comply with international treaties and agreements to which Kazakstan is a party." And this is the good part: "World Wide's position is that it is entitled to receive an export licence for at least its proportionate share of the US quota. This delay can only be temporary as there are several foreign investors assisting Kazakstan in developing its uranium resources. Commercial efficacy dictates that the appropriate export licence will be issued in due course." What is the share of the market? You don't have a permit but you have share of the market? let see quota of 1,4M lb WWS produces 1,8M in 1997 And the figures again remember the date 7/7/97 "The TGK project had produced about 115,000 lb of U3O8 before temporarily curtailing operations, which has a spot market value of about US$1.2 million. However, there is no sense in producing uranium any faster than it can be sold profitably. As soon as a non-US sale of uranium can be completed, or the US export licence process is clarified, the company should be in a position to recommence operations." These are the fragments of official news releases by WWS. I came as intelligent as I could but I must, I guess, use pictures next time. 3 months and 17 days later they have produced about 115K lb which has left them with 785K lb to the end of the year from the stockpile and another 900K from the mines in some 3 months as first part of news release. This is approx. 1,675M lb for 7 months versus 0.115M in 3 months. Your company is a joke as a planner of production because in order to meet their standards they would have to increase proccesing by 8 times. That like Steppe instead of producing 80K will produce 10K in first year and say it will produce 80K in next in the same conditions. Read those fragments and either bring me public documents of WWS which are saying that they have a right to US market instead of they should have one, but gee I guess they don't? I get everything you say but you are reading from experiences of bad company with shallow dd and try to apply to anything with Kazakhstan name on it. The lecture of the web site garbage from the company officials is feeding you well to the point that you would not even compare public documents with homemade statements. Future of Steppe has to be seen yet. Maybe I am not intelligent enough for you but don't try to save me from myself. I have to learn it my own way. Farewell!

To: tango who wrote (522)	1/22/1998 12:17:00 AM
From: Robert Dydo	Respond to of 1248

One more fragment. Date March 3/97 before information from 7/7/97 about not having the permit: " World Wide has entered into a long term sales and marketing agreement with Nuclear Fuel Resources of Denver, Colorado for the global marketing of uranium production from the Kazakstan operations of KazUran. A marketing program has been commenced to introduce KazUran's uranium products to the international nuclear electric power market. The company's uranium products are used to generate electricity at nuclear power plants around the world, providing one of the cleanest sources of electric power available today. Negotiations are under way which, if successfully completed, will result in the sale of substantially all of the TGK 1997 uranium production at current world prices, including the receipt of a considerable portion of that revenue during 1997. Planned TGK production, marketed at current and projected 1997 prices, would produce total revenue of approximately US$25 million in 1997. Toll processing revenue from Kazatomprom's mines in southern Kazakstan will add another US$4 million." They have plan to sell all 1.8M lb under marketing of company from Denver, Colorado, without the permit. The are lying to you Heidi, don't they? Why did you not know about that with your sense of seeing the future? You have this very comfortable position in making mess without merit because Steppe as a junior has so many difficulites ahead of them that odds are tough already. You can come in here anytime in the future and say exactly what you said without losing a face as long as Steppe is working in Kazakhstan no matter how far Steppe will be in their operations. This is your comfort as a person who does not care about why, but is intersting only in the failure. Everybody who is invested in Steppe can't claim to have such a comfort. We have done DD we know why we are in SPE and we deal with it on daily basis. It is very difficult to be successful and there is no problem in becoming a failure. Therefore you can see how privileged you are to the rest of us while talking frivolously about our stake. We have the burden to be right and you have no burden at all. Thankfully we have this burden to ourselves and we will be judged by ourselves as well. Robert

To: tango who wrote (522)	1/22/1998 4:04:00 AM
From: Leigh McBain	Read Replies (1) \| Respond to of 1248

Tango, I was originally willing to more or less take our discussion on the Uranium thread at face value, but I must take issue with what you are really trying to do, now. You were awfully bold about questioning what purpose I could possibly have in looking at JNR Resources as a potentially profitable play in the uranium market and were VERY supportive of WWS. I mentioned at the time that dealing in Khazakstan could be an issue with WWS and now I find you here talking about how BAD dealing in Khazakstan might turn out, etc., yet you have never admitted it might be an issue back on the Uranium forum. It seems you are taking divergent positions on the same play and trying to hide it. Now for all of you who may think that I am supporting the position that Khazakstan is a dangerous basket, to place ones proverbial eggs in, let me explain. First of all it is a potentially dangerous location to rely on, however, that doesn't mean that the right venture isn't worth the risk. Second, I am more worried about lengthy delays than I am about having the project repatriated (and Steppe seems to be dealing with the bureaucracy pretty well thus far). Third, even if Tango is correct and repatriation is something to worry about, (currently) Steppe is still further from production (than WWS is projecting that they are) and as time passes, repatriation should become less of an issue anyways. Have a good evening everyone and good luck in all your ventures. Salut, Leigh McBain