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Gold/Mining/Energy : ARMISTICE

ACI 17.59

-0.6%

Nov 3 3:59 PM EST

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To: emichael who wrote ()	7/4/1997 12:31:00 AM
From: Mark L.	of 94

Part 3 - Summary ACI would probably not make the transition from junior exploration company to a substantial mining and milling operation of 1,000 tons/day in one stage, except under ideal market conditions for mining finance. However, once a shipping operation is established, raising $16.5 million for shaft deepening and underground development to follow up INFERRED resources from deep drilling would be viewed as an expansion of a profitable producer rather than an exploration financing or a start-up. A successful underground development program plus a feasibility study would then result in PROVEN AND PROBABLE reserves. Thus, the final $28 million for a mill and expansion of the mine facilities could probably be obtained with a gold loan. This staged approach would minimize dilution of current shareholders' interest and minimize any pressure for a joint venture or takeover by a major company. Mark

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