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: Ross Orr who wrote (404)	4/5/1998 4:52:00 PM
From: Arthur V	Read Replies (1) of 552

Ross, Can you give us the latest on the copper side of Armada? From what I understand (posted on Armada's Web site) Armada Gold has a 49% interest in 1.5 billion pounds of copper (waste rock) and 49% interest in a copper resource (resource classification) estimated at 1.8 billion tonnes. Waste Rock 49% of 1.5 billion * .80 = $600 million US Resource 49% of 1.8 billion * 2200 * .80 = $1,584,000,000,000,000 US (That's a whole bunch of copper!) Are these resource numbers correct? When in production: Copper cost: 30 cents/pound Yearly Production: 50 million pounds (50% = 25 million pounds for Armada) Plant Cost: 50 million? How much money will Armada need up front to finance the plant? (I realize Marubeni is providing much of the money but is Armada required to provide a portion as well?) Is everything still on target? Production start date? Are you getting more interest from institutions? (I saw the Capitol release) Thanks Arthur ---------------------------------------------- From Armada Web site Armada Gold plans to use solvent extraction/electrowinning (SX-EW) technology to process existing and future waste rock from the Erdenet Mine. Existing rock dumps are estimated to contain more than 1.53 billion pounds of copper amenable to SX-EW. Mongolia's Erdenet Mine, with estimated copper resource of 1.8 billion tonnes, has a projected production life of 90 years. The Erdenet Mine, one of the world's ten largest copper resources. A joint venture with Erdenet in the Erdmin project gives Armada Gold a 49 percent interest in copper production from existing and future waste rock.

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