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 !

AAU 0.380

-5.0%

Sep 29 5:00 PM EST

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To: m.philli who wrote (545)	8/25/1999 1:01:00 PM
From: stevie	Read Replies (1) of 552

Herre's the latest press release--the copper's gone!!!! Regards Stevie Armada Gold Corp - Armada sells Erdmin copper project Armada Gold Corp AAU Shares issued 108,370,249 1999-06-30 close $0.04 Tuesday Aug 24 1999 Mr. John Hopkins reports Armada Gold has now completed the sale of its Erdmin copper project to Strand Holdings Limited, an investment holding company based in Cayman Islands. The transaction has value to Armada of approximately $8-million (U.S.). Under the agreement, SHL will now assume Armada's liability to Marubeni Corporation of approximately $5-million (U.S.) in relation to the guarantee of the project loan for the financing of the phase I plant. In addition, the purchase price will comprise a further $3.025-million (U.S.) of which $25,000 (U.S.) has been paid and the remainder of $3-million (U.S.) will be paid under the terms of an interest-free five-year note, automatically renewable for additional five-year periods at the option of SHL. Armada may call for partial payments of the note, on the condition that the production from phase II is sold at a price exceeding 90 U.S. cents per pound. The amounts which may be called shall be limited to a maximum of 1 per cent of the net smelter return to Erdmnin Co. Ltd. for the production sold at prices exceeding 90 U.S. cents per pound. Marubeni Corporation has consented to the sale as has Armada's previous joint partner, Erdenet Concern Co. Limited. Armada will now focus its attention on the Baley gold project and expects to make an updating announcement in relation to that project and other corporate events within the next two weeks. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com

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