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

To: brian krause who wrote (1142)	2/5/1999 10:33:00 PM
From: Robert Dydo	Read Replies (1) \| Respond to of 1248

Hi Brian I was just taking another deep look at SPE's statements. I found few interesting things. If you like I can send you the spreadsheet with all the details. You may have noticed if you go to Sedar that their last September 98/9 months statement is in US dollars. Other earlier ones are in Canadian currency. I have taken an average ratio to establish Canadian equivalents and found some explanation there. Just as a wonder the capital asset figure under the assets is about 600K larger than mineral resources asset summary. Probably that is the value of that 100-men structure. This is on all statements. The last three months administrative expenses are 520K Canadian. This includes management fees 102k, consulting fees of 88K, accounting and audit of 16K, general and administrative of 256K, 44K in legal fees. That is just in last 3 months from July to September. Another is the line under infrastructure and capex which goes from 67K in June to 391K US in September which is about 480K Canadian. What sort of infrastructure is this? Who knows? At last is this payment for Orient Jewel which holds the rights to K&A, which comes to be about 700K Canadian as it was to be 500K US. 520K administrative 480K infrastructure and capex 700K K&A July payment I think I found that 1.7M. Robert

To: brian krause who wrote (1142)	2/6/1999 10:46:00 AM
From: tango	Read Replies (1) \| Respond to of 1248

who ever would have imagined this company would go belly up? the only reason they didn't make it was because they are in KAZ. a major would have come in, taken 50 % of the asset and would have financed them to production in any other country. This seems to be the trend over the last year. however given the KAZ record of theft, no one will touch it. They just cancelled another contract with a swedish shipping firm last month, illegally of course. Kaz gets what they deserve, an impoverished third world country.