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Gold/Mining/Energy : Caussa Capital (formerly Antares) T.CAU -- Ignore unavailable to you. Want to Upgrade?

To: john who wrote (3666)	6/29/1998 3:36:00 PM
From: Brian Warner	Respond to of 4718

fin-info.com Antares Invests A Further $1,700,000 In Steppe Gold Resources Ltd. TORONTO, ONTARIO--Antares wishes to announce that following satisfactory due diligence it has exercised its option to acquire a $1,700,000 convertible debenture of Steppe Gold Resources Limited (VSE-SPE). The Steppe debenture is convertible into 7,727,273 Steppe common shares at $0.22 per share and 7,727,273 whole warrants of Steppe, each entitling Antares to acquire an additional share of Steppe for a one year period at $0.22 per share. Alternatively, this debenture can be converted into an up to 20 percent share of Steppe's interests in the Mizek, Kosmuran and Akbastau projects in Kazakhstan. On June 9 Antares announced an initial $300,000 investment in Steppe through the purchase of a private placement of 1,500,000 treasury common shares of Steppe at $0.20 per share and 750,000 whole warrants entitling Antares to acquire 750,000 common shares of Steppe at $0.22 per share for a one year period. Steppe will use part of the proceeds from this debenture issue to advance the Mizek gold heap leach project through the due diligence process associated with the Standard Bank Limited's proposed project financing facility. The Mizek project is expected to produce 80,000 ounces of gold in its first year of operation at a cash cost of approximately U.S.$120 per ounce. Part of the debenture proceeds will also be used to pay the initial property acquisition payments relative to the Kosmuran and Akbastau copper/gold/zinc properties and to augment working capital. Antares views Steppe as a significantly undervalued opportunity and anticipates realizing substantial gains from its investment over time as Steppe develops its excellent asset base. The investment in Steppe represents strategic diversification by Antares into proven base metal reserves, with near term production potential, in a new geographical area. In the case of the Mizek property, subject to financing, production is scheduled to commence in 1999. The debenture issue is subject to regulatory approval. In addition to its Steppe investment, Antares has a 76.5 percent interest in, and operatorship of, the 32,000 hectares Ojolali silver/gold property in Sumatra, Indonesia; a 37 percent interest in the producing Lady Lina gold mine in Zimbabwe; and a joint venture interest with AGC Americas Gold Corporation (AGA-VSE) in the 31,335 hectares Todoggone properties in north central British Columbia where Antares has operatorship. Antares also owns an indirect 24.75 percent beneficial interest in Rappa Holding (Proprietary) Limited which it has agreed to divest for pretax proceeds of approximately $3,400,000 as announced on June 23, 1998. -30- FOR FURTHER INFORMATION PLEASE CONTACT: Antares Mining and Exploration Corporation Dennis Gray Chairman & CEO (416) 861-9940 (416) 861-0057 (FAX) Or visit our web site at www.antaresmining.com or Antares Mining and Exploration Corporation Peter Southward Investor Relations (416) 861-9940 (416) 861-0057 (FAX) Or visit our web site at www.antaresmining.com NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.