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

To: brian krause who wrote (1138)	2/4/1999 11:06:00 PM
From: Steve Johnston	Respond to of 1248

Where did you find this? Regards.

To: brian krause who wrote (1138)	2/4/1999 11:40:00 PM
From: Robert Dydo	Respond to of 1248

Goldbelt Resources Ltd GDB Shares issued 46,551,376 1998-12-07 close $0.03 Thursday Feb 4 1999 Mr. Mark Wilson reports Goldbelt and Regal Petroleum Corporation Limited have extended, from Jan. 31 until Feb. 23, 1999, the due diligence period and the execution of the definitive share purchase agreement for the previously announced (see Stockwatch Dec. 9, 1998) acquisition of Regal by Goldbelt. Goldbelt has scheduled a shareholders meeting for late February to approve the effective change of voting control of the company which will result from the acquisition. Goldbelt's stock remains halted from trading on the Vancouver Stock Exchange until such time as Goldbelt and Regal complete or terminate the intended transaction. Goldbelt continues to pursue the disposition of its mineral lease interests in Kazakhstan. On Jan. 29, 1999, Golddbelt entered into an option agreement with Dabney Industries for the sale of Goldbelt's 60 per cent interest in Karagai Gold, a Kazakhstan company which holds the licence to the Abyz massive sulphide deposit. Dabney paid $50,000 (U.S.) for the option. The agreement requires that Dabney invest $100,000 (U.S.) in exploration for 1999 and then has the right to purchase Goldbelt's interest for $300,000 (U.S.) by Oct. 31, 1999. Goldbelt previously entered into an option agreement (see Stockwatch April 22, 1998) with Dabney for the sale of a controlling interest in Dostyk LLP, the company which holds the exploration licences to two large exploration areas in Kazakhstan, Mykubinsk and Central Kazakhstan. Dabney has paid the first $50,000 (U.S.) of a $100,000 (U.S.) purchase price. The closing transaction has been delayed for some time, but both companies remain committed to the deal and closing of the transaction is expected in the near future. Goldbelt previously announced an agreement to sell its 60 per cent interest in the Abyz deposit and its 50 per cent interest in the Leninogorsk tailings deposit to Steppe Gold (see Stockwatch March 20, 1998). The two companies were not able to reach a final agreement for the transaction due to a change in business circumstances. Goldbelt remains committed to selling its 50 per cent interest in Kazgold, the Kazakhstan company which owns the licence to the Leninogorsk tailings deposit, however, the company is writing off the remaining $150,000 of investment value in Kazgold as of Dec. 31, 1998.

To: brian krause who wrote (1138)	2/5/1999 12:06:00 AM
From: Robert Dydo	Read Replies (1) \| Respond to of 1248

Having received 4M shares at .25 per share was a little too much of a suck in while facing a value of 0.02, Dabney's offer is not only 5.5 times better, also shows that there is no a cent left or tenge for that matter in Steppe's pocket for anything. If you check the Sedar site for last financial statements you will read that 500K September payment for Kosmurun and Akbastau wasn't made either. I am afraid that hoping for better days is just asking for miracle which ain't going to happen. If gold was at 330 per oz. I would assume that SBL would lend the money, the chances of either of those things coming to life with SPE surviving in the current structure are pretty much non existing. It was fun while it last it. Regards Robert