Armada Gold 10 Million oz of Gold & 1 billion lb of Cu ! Message Board

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Gold/Mining/Energy : Armada Gold 10 Million oz of Gold & 1 billion lb of Cu !

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Sep 29 5:00 PM EST

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To: Beeeejer who wrote (542)	7/23/1999 3:26:00 PM
From: Bob Tate	Read Replies (1) of 552

I do not follow armada lately bat back in 1996-7 I wached them closely. Reson is I tried to copy their early copper processing sucess (erdenet, Mongolia). My company had contacts on processing simillar stuff in Uzbekistan. At the time I had Cyprus Amax and Japanese MARUBENI (same company that financed Armada erdenet) but sharp dive in commodity prices put everithing on back burner. Last several years it was espetialy hard for new projects. I know Armada had capable people but when it comes to investing cash in this siberian region there are very view lenders. I personally brought Mosquito Consolidated Gold mines to Chabarovsk, Russia (further to the east) for gold project but it never got off. Mining in Russia is expensive: bad infastructure, burocracy, crime among a fiew. Most of gold was discovered by soviets before Armada. If such deposits where in NA this could be first class project. I spoke to Consultants based in Toronto that did their first bankable feasibily study. I beleave it was not safisfactory to bankers and second study was conducted leater. I would advise to take cotion and look for local companies. One junior that impresses me is MIQ on Motreal(Mirandor). They own one out of three gold windows in carlin trend , Nevada. Other two owned and operated by Barick and Newmont. Also Have JV with Kinross with active drilling programs goin on. Good luck.

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