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

To: Moot who wrote (835)	3/31/1998 12:32:00 PM
From: Robert Dydo	Read Replies (1) \| Respond to of 1248

Since it does seem that we are in those quiet days again, is anyone willing to engage in speculation where the price should be in reflection of financing completion in the short term and the price of SPE if all their projects would get proportionate developments, as in hopes of SPE's boss in the long term. I would like ask participants to restrain themselves from statements of"in the hole" or nowhere, as we spent some valuable time on sorting possibility of no move when financing will be approved. To start this I think that in years and with all things in order this stock could be worth of Can$22.00. This is just based on resource calculation and that is my long term. In the short term I think that when F is in place US$1.00 would be the level. My price is a result of deposit size by difference between capital costs and non productive at $150.00 and current POG. This amount is allocated to Steppe at 59% as servicing the debt and taxation would come from 32% as the right for repayment of capital costs under the jv structure. So I would say Can$1.30. Regards to all Robert

To: Moot who wrote (835)	3/31/1998 8:22:00 PM
From: S. E. Baker	Read Replies (1) \| Respond to of 1248

Hi, Moot. Thanks for your post on the downsizing I mentioned. I also finally tracked down my own notes. I find I am right in principle and wrong in what I thought the original project design was. My apologies to all on the thread for getting everyone concerned, and I appreciate having my feet held to the fire. My note is from early 1997,when the redesign to the $23M arrangement was apparently being finalized. (That is the time I first began following SPE.) The original project cost was apparently about $60M, but I cannot see anything as to whether it was simply a larger heap-leach operation or a mill to go after the sulphides as well. If I remember correctly, the $250M plant cost I cited in my earlier post was actually a 250,000 ounce per year production rate for the $60M investment. Needless to say, it is not a good idea to switch dollar figures with ounce figures. I certainly agree with SPE's decision to redesign the Mizek plans and did not mean in any way to imply dissatisfaction with any part of that decision. I just hope that the redesign is sufficiently attractive to get financing! I abjectly apologize as I cringingly kneel before the altar of thread justice and beg piteously for mercy. My embarrassment knows no bounds, as I sit here sweating in fear of the judgement I face from the thread for my irresponsible (but in principle correct!) earlier post. <ggg> Your humbled servant, Steve