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 (425)	4/16/1998 9:13:00 PM
From: Brad Yonkman	Read Replies (1) of 552

I think you can probably understand everyone's frustration Ross. I know I'm getting frustrated. The last 2 press releases haven't exactly made me feel any better either. As far as valuing the company's Baley gold mine I see it as follows: For 3 million Armada shares worth about $.9 million (or considerably less if you got in on the last private placement) you bought 15% of Baley or approx another .75 million ounces. This means the reserves are worth about $1 an ounce or Armada got a heck of a deal. I suspect the former since we followed the Baley 15% buyout with the private placement announcement. I'm not sure how many Armada shares are outstanding at the moment but I'm sure fully diluted it's well over 100 million.$5 million of gold spread over this many shares doesn't give me a very warm feeling. Hopefully the copper has some value. If my logic is flawed please explain where I went wrong. Good luck to all, Brad

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