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

To: brian krause who wrote (1204)	3/24/1999 9:01:00 AM
From: Gabe Heti	Read Replies (2) \| Respond to of 1248

I visited the Steppe office in Vancouver last week. The Steppe has a two-room office in an high end "Executive Office" complex on Howe street. They share secretarial services with a number of firms, presumably to minimize operating costs. Met with Raj who appears to be the only full time employee in the Vancouver office. Steppe is working towards finding a JV partner or direct investment of $25 million to allow them to develop Mizek. According to Raj Standard Bank has promised them $18 million if they can find the other $7 million. John Menzies and other director(s) are working on finding an invstor or JV partner to come up with the required $7 million. Raj said that minimal funds will be coming in in the next two weeks that will allow them to be reinstated by the VSE. In the meantime there is no money and he is not being paid. Asked about how long the Mizek licence can be held with no activity or funding, he said they will have no problem for the next year. Asked about where the $2 million from the Antares investment went, he listed US$ 500,000 to obain an option on a rich piece of property in the Mizek zone, $130,000 to cover Antares' due diligence, $110,000 for audit to allow Steppe to be relisted at the time and $120,000 to CL capital. The remainder presumably was used as working capital, but the details were not presented. Menzies' current efforts in publishing his Review are to a large degree promo work to attract investors to Kazakhstan and Steppe. Will Steppe survive? I don't know, but Raj must believe in it as he is working gratis for now. He is prepared to stick with it a while longer, but in my opinion Steppe will have to find funding in the next six months or they may go down for the count. Gabe