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

To: S. E. Baker who wrote (1008)	7/10/1998 4:22:00 PM
From: CIMA	Respond to of 1248

Good post. I understand the new accountant is Dennis Gray's son. For those who might not know, Dennis Gray is the president of Antares.

To: S. E. Baker who wrote (1008)	7/10/1998 4:50:00 PM
From: abdias	Respond to of 1248

Bloomberg reported that Steppe Gold has been suspended from the VSE for delinquent filings, and a hearing will be held on July 20th. I may be wrong, but I don't think that Steppe is behind the trading halt here, based on this. Previous headlines suggested that they have been repeatedly cited for failing to file with the VSE. Actually tried calling the number listed on the website 1-604-683-2037 but no response. Guess its hard to answer when you're hiding under your desk... In all seriousness though, I urge anyone who has an interest to try to get hold of someone at Steppe and find out the truth behind the suspension of the stock. Hate to say this, but seen this reason for suspension behind many other companies (eg this year CPQ on Toronto) and they have never resurfaced. I hope your right on this, but to be honest if it does resurface I will be hitting the first bid I see, can't trust or respect the man behind this co, so hard to justify staying with it.

To: S. E. Baker who wrote (1008)	7/10/1998 5:42:00 PM
From: Steve Johnston	Read Replies (1) \| Respond to of 1248

Very good points. I talked to someone at Steppe today who indicated that the delinquent filing was a result of not having enough working capital to pay for the firm doing the financial audit. Now that the Antares cash is "in the bank" this is no longer a problem. What is a problem is the fact that the outside audit will take 3 weeks! The VSE has the right to delist, if they so choose, but I suspect this would be a last resort, especially given the fact that the average junior mining stock on Vancouver has fallen over 70 percent in the last year. Regards.

To: S. E. Baker who wrote (1008)	7/10/1998 8:39:00 PM
From: S. E. Baker	Read Replies (2) \| Respond to of 1248

To All: I just visited the Antares thread, to see what Antares is like. For those interested, there is a summary of their recent AGM on July 9 by Gabe. ANZ looks like a good company run by smart people with an eye for value. They appear to be doing a better job than SPE of protecting themselves from cash flow problems. Their market cap is about the same as SPE's: 34M shs x C$.27 = C$9-10M. However, they have upwards of $5M in cash and salable stock to help them move forward. They obviously are pleased to be involved with SPE. I came away from my quick survey with a fairly firm understanding that ANZ is not into merging or taking over other companies. Therefore, my thought in a previous message that such a deal might be in the works looks doubtful to me now. It would be out of character for ANZ to do that. Therefore, what is going on at SPE is simply that they now have the resources to get their books in order and complete the due diligence work with Standard Bank. That's good. I would hope that SPE management would know already that their stock is going to have a very rough day (or longer) if they return to active trading without significant good news to make the stock immediately attractive. I can see that going either way. I do not see it likely that they will be delisted or have a permanent severe drop in their stock price. Now I'm going to take my own advice and go for a walk in the late afternoon sunshine. Cheers, Steve