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

To: Robert Dydo who wrote (938)	6/9/1998 2:02:00 PM
From: Francis Scavo	Read Replies (1) \| Respond to of 1248

Robert Latest News FIRST NEWS RELEASE: Antares to acquire Steppe shares Antares Mining and Exploration Corp ANZ Shares issued 18,992,219 Jun 8 close $0.35 Tue 9 Jun 98 News Release See Steppe Gold Resources Ltd (SPE) News Release Mr. John Menzies reports Steppe Gold has entered into agreements with Antares Mining and Exploration whereby Antares will immediately subscribe $300,000 for a private placement of 1.5 million shares at 20 cents per share and 750,000 warrants exercisable at 22 cents. Upon completion of satisfactory due diligence Antares has agreed to subscribe for a $1.7-million convertible debenture having a one year term and convertible into either 7,727,273 shares and warrants to subscribe for 7,727,273 shares at 22 cents or alternatively up to a 20 per cent interest in Steppe Gold's interest in the Mizek, Kosmurun and Akbastau projects. The 750,000 warrants issued as a part of the private placement will only become exercisable upon subscription for the convertible debenture. In addition, companies associated with certain of the directors of Steppe Gold have agreed to subscribe for 5 million shares at 20 cents per share in settlement of $1-million of outstanding liabilities. The principal use of proceeds of the issue to Antares is to initiate the due diligence to be undertaken by Standard Bank London regarding the project debt finance for Mizek and to provide working capital to progress its other projects in Kazakhstan. Ian Smith has been appointed chief operating officer of Steppe Gold. Francis