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

To: Moot who wrote (801)	3/25/1998 7:14:00 PM
From: S. E. Baker	Respond to of 1248

Hello, Moot and all. Many of you have been making excellent points in your posts, and it has been a pleasure to read them. I would like to point out my experience with Standard Bank and International Panorama, which has been trying to get a mine built in Congo. Standard Bank knows all about political risk, as some of you have already said. Their due diligence on ILP's Kakanda mine proposal was also originally supposed to take two months, but it in fact took quite a bit longer. ILP has received a firm commitment on a one-third sized project costing about US$90M, where the downsizing is largely the result of copper prices being currently so low. John has told me to be patient on the financing issue. I think the concern we have to be more fully informed of progress on the needed DD is not possible for John to respond to, since that is likely viewed as a private operation by the bank and could involve private re-negotiations if necessary. Although it may happen, I personally have never seen anyone talk about anything significant while a DD was underway. The 2-month DD period hasn't even ended yet. I suggest that we are going to find this process taking more like three or four months, not two (although I would love to be proved wrong), and it could be longer. I would like to suggest that John is right in his advice to me to be patient. One or more of us could sell out too soon, if we demand adherence to the original two-month projection. That would really be too bad, especially if our hopes and expectations for much higher prices turn out to be true even after we wait four months for final commitment! There is much to like here, and either the Mizek funding or a joint venture deal with a major is capable of getting everything really rolling. I have faith that John will keep us as fully informed as he can. Steve

To: Moot who wrote (801)	3/25/1998 7:51:00 PM
From: brian krause	Respond to of 1248

Well said. I had a good chuckle. Your questions deserve answers as do all. I had a question last Sept. about financing. The market, after a halt,was shocked when SPE bought K&A. I now know why they took the time to do the work involved in this purchase. I also feel that the purchase of GBD is not grandstanding and has been well worth the time and share dilution. I also think that although there is a dilution of shares for operating purposes, it is purchased by the principals of this company and unless they get the financing needed it will cost them much more for the warrants than they could sell them for. Insiders buying the warrants piss me off because they can pick the time to buy better than I can.....unless it's flat lined like SPE has.

To: Moot who wrote (801)	3/26/1998 12:19:00 PM
From: marcos	Read Replies (1) \| Respond to of 1248

Moot - There's a redundant adjective in that statement, it was written in haste, as I explained in my private message to you - but that does not make it inane. Check your Oxford. "Convincing evidence"? - check the kgfc, cgz, wws threads, and their sedars. Sometimes a little context is helpful in teasing out the meaning of a sentence or a phrase. John had posted the identical message on Echarters, and I thought at the time I was replying to him there. It is a thread where frank and open discussion is common. You might notice that the closing statement was supportive of his efforts. I have no intention of pissing on the Steppe parade, and will not do so unless goaded into it by adjectives such as "inane". ........... cheers ................ marcos