AGM (VSE) AROYF (OTC) Ag Armeno Mines & Minerals Message Board

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Gold/Mining/Energy : AGM (VSE) AROYF (OTC) Ag Armeno Mines & Minerals

AGM 175.24

-0.6%

Jan 9 3:59 PM EST

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To: JACQUESNO who wrote (302)	8/27/1999 1:57:00 PM
From: Mark O'Hara	Read Replies (1) of 317

NEWS RELEASE Symbols: AGM.V AROYF.OTC Bulletin Board August 27, 1999 Further to the Company's News Release dated August 3, 1999 the Company announces that it has been advised by its Indonesian counsel that the Court Hearings in the District Court of South Jakarta, Indonesia in respect to the Company's civil law suit against PT Pukuafu Indah ("PI") and Drs. Jusuf Merukh ("Merukh") have commenced. The next Court Hearing is scheduled to take place on August 31, 1999. The suit is for damages totaling U.S. $439,500,000 (four hundred thirty nine million and five hundred thousand United States dollars) for breach of contract by PI and Merukh of the May 28, 1998 Letter of Agreement which was entered into with Armeno. Under the May 28, 1998 Letter of Agreement, PI and Merukh granted the sole and exclusive option to Armeno to purchase 90% of PI (an effective 18% interest in the Batu Hijau mining project). It is reported that Batu Hijau contains an estimated 11.8 million ounces of Gold and 10.6 billion pounds of Copper. Development of Batu Hijau is currently 90% complete and commercial production is anticipated during the first quarter of 2000. Batu Hijau is anticipated to annually produce an average of 600 million pounds of Copper and 480,000 ounces of Gold during the expected mine life of 25 years. FOR MORE INFORMATION ON THE COMPANY PLEASE CONTACT US AT TELEPHONE NUMBER (604) 681-1519, OR VISIT OUR WEBSITE AT WWW.AGARMENO.COM. On behalf of the Board Ag Armeno Mines and Minerals Inc., "Bedo Kalpakian" ___________________________ Bedo H. Kalpakian President THE INFORMATION CONTAINED HEREIN HAS NEITHER BEEN APPROVED NOR DISAPPROVED BY ANY STOCK EXCHANGE ON WHICH THE COMPANY'S SHARES ARE LISTED. NR5:AUG27.DOC

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