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: Ross Orr who wrote (322)	9/20/1997 2:31:00 PM
From: ASHLEY5	of 552

Ross, as we get closer to the release of the feasibility study (for the second time) I am getting flashbacks to the last time this situation was occurring. It turned out to be a negative release .. at least for the share price. The company , including Investor Relations, continually stated that it would be positive but were proven to be inaccurate by the facts in the release last time. Do you think this wil happen again ? Are you aware of any progress being made by the company in the following areas : 1) Tax agreements on eventual profits ? 2) Negotiations with senior producers for sale of assets, joint ventures, etc. ? Finally, why do you think the price has risen quickly to $.70 and then seems to be stuck at this level (for about three weeks) . I would have thought that as the release of the feasibility study gets closer we would continue to see a gradual increase up to the $1.00 - $1.20 level.

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