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: Arthur V who wrote (421)	4/6/1998 9:09:00 AM
From: Ross Orr	of 552

Your analysis is correct except that the company only has rights to the waste dumps. The hard rock resource is 51% Mongolian gov't and 49% Russian gov't. Both sides have expressed an interest in selling the asset to raise badly needed foriegn currency. Also remember that you have to apply a discount rate to your numbers. Feasibility study is due by June and construction would begin soon thereafter. 12-14 months construction time. 85% of cost covered by Marubeni. AAU on hook for 49% of 15% or just under 7.5% of $50 million ($3.75 mill). Gold up through $310 this am. Ross

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