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

To: S. E. Baker who wrote (931)	5/20/1998 1:32:00 PM
From: Robert Dydo	Read Replies (1) \| Respond to of 1248

According to news release from March 19, The "Goldbelt" transaction was to be closed on or before May 15/98. From GDB news release on May 4/98 the GM of shareholders would take a place on May 19/98. J.Menzies in his response have written: "We will be making a comprehensive announcement in regard to the Abyz project and Leninogorsk following the first closure of the deals after shareholder approval. To do so before hand, would be a little silly I would have thought. We have a H.O.A in place, which is reasonably detailed and will finalize a formal agreement after shareholder approval. This announcement would address such matters as expenditure requirements, ore reserves, development concept and exploration potential naturally." While was typing this I made a call to Denver and person on the other end informed me that resolution has passed. She also said that SPE is in the process of financing themselves (SBL or other means?)and if this is not accomplished they will not sell those properties to SPE. This is very simple translation of the news from March 19, as SPE reserved the option to "buy" only in the event of positive conclusion of technical and legal dd by SBL. There is a 4 month grace period after SBL's positive resolution to convert the note to shares, no word what will happen if conclusion is negative but this is quiet obvious. One more time it comes down to Mizek financing and SBL. If the SBL's dd will go for months in theory, without conclusion the transaction will continue to be opened until such, legally tying GBD to SPE's internal development. The question if shareholders or this thread has patience to continue hold for the conclusion, one can wonder what GBD may do as it seems they are in the hurry to start fresh, elsewhere? Robert