NEWS RELEASE on Steppe..more detail this time:
Steppe Gold investment
Antares Mining and Exploration Corp ANZ Shares issued 18,992,219 Jun 8 close $0.35
Tue 9 Jun 98 News Release
Mr. Dennis Gray reports Antares has arranged an initial
investment of $300,000 in Steppe Gold Resources
through the purchase of a private placement of 1,500,000
shares of Steppe at 20 cents per share and 750,000 whole
warrants.
The purchase of this private placement provides Antares
with an option to invest a further $1,700,000 in Steppe,
on or before June 26, 1998 by acquiring a convertible
debenture of Steppe. The Steppe debenture would
be convertible into 7,727,273 Steppe shares at 22 cents
per share and 7,727,273 whole warrants, each entitling
Antares to acquire an additional share at 22 cents for
one year.
Alternately, this debenture could be converted into an
up to 20 per cent share of Steppe's interest in the
Mizek, Kosmurun, Akbastau project in Kazakhstan. If
Antares does not exercise its option to invest in the
Steppe convertible debenture the 750,000 whole
warrants issued as part of the private placement would
be cancelled.
Steppe's main focus is the development of mineral
properties in Kazakhstan.
Steppe's most advanced project is the open pit
Mizek gold heap leach project which is expected to
produce 80,000 ounces of gold in its first year
of operation at a cash cost of approximately
$120 (U.S.) per ounce.
Following the recent completion of a bankable feasibility
study, project financing of the Mizek property is at
an advanced stage with a potential lender. Most of the
Mizek site earthworks have been completed together with
structural works related to a 100 person site
accommodation complex.
Steppe has additional low cost, open pittable,
volcanogenic massive sulphide deposits in Kazakhstan
capable of near-term development, including the high
grade Kosmurun, Akbastau and Abyz copper/gold/zinc
deposits.
The VMS deposits held by the company all outcrop
on one of the world's most prolific VMS belts.
Steppe has provided Antares with a summary of its
VMS reserves and resources in Kazakhstan.
Resource Tonnes Grade
Category Au Cu Zn Ag
g/t % % g/t
Mizek (59%)
Oxide
Proven and
Probable
Reserve 5,200,000 2.10
Oxide
Inferred
Resource 2,000,000 1.56
Sulphide
Inferred
Resource 8,900,000 5.20 1.20
----------
16,100,000
Kosmurun (100%)
Measured/
Inferred
Resource 19,100,000 1.10 3.37 1.00 20.00
Inferred
Resource 3,000,000 0.94 2.22 0.46 16.26
----------
22,100,000
Akbastau (100%)
Measured/
Inferred
Resource 9,300,000 0.56 1.77 1.09 15.20
Inferred
Resource 10,100,000 0.64 1.59 0.48 21.35
----------
19,400,000
Abyz (60%)
Proven and
Probable
Reserve 4,400,000 6.50 2.13 5.35 62.00
Inferred
Resource 4,730,000 2.35 1.11 1.78 23.97
----------
9,130,000 |
