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

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Sep 29 5:00 PM EST

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To: Syncrude who wrote (445)	4/23/1998 4:09:00 PM
From: Mr Metals	Read Replies (1) of 552

**NEWS RELEASE** Armada Gold Corp - Scope of Baley gold project revised Armada Gold Corp AAUShares issued 867822931998-04-22 close $0.3Thursday Apr 23 1998Mr Derek Fisher reports The company has commissioned Kvaerner Metals Davy Ltd to undertake a supplementary study to the feasibility study completed in November 1997 on the Baley gold project in southeastern Siberia. The supplementary study will examine a start-up variation for the Taseevskoe development and in particular the viability of an initial small, high grade, open pit operation with the ore being processed at a rate of 500,000 tonnes per year and a head grade of 7.1 g/t gold. The study targets the rich upper level of the Taseevskoe I zone and proposes rapid access to ore by using the existing Russian pit. As well, it will examine the incorporation of part of the existing Russian on-site processing facilities, specifically the crushing and grinding circuit, significantly reducing capital cost and shortening the construction period. The other major change being considered is the elimination of pressure oxidation from the processing circuit resulting in a significant capital saving but lower gold recovery. The effect of the latter will be offset by increased head grade. Independent consultants have already completed the design for expansion of the Russian pit, capturing a resource of 3.1 million tonnes at a grade of 7.1 g/t gold. The milling proposal consists of crushing, grinding, flotation, re-grinding of the flotation concentrate and cyanidation. Anticipated gold recovery would be 75% to 80% producing 85,000 to 90,000 ounces gold per year. A preliminary internal company study of this start-up project has estimated an operating cost of US$24.50 per tonne or US$144 per ounce with a capital cost of US$30 million, assuming a leased mining fleet. The Kvaerner study aims to confirm this financial analysis and is planned to be completed in June 1998. Armada believes that Kvaerner's study of the start-up project will confirm its belief that this high grade ore body will allow a low risk project start in today's financial climate and that it will enhance the bigger project, enabling it to rapidly proceed when gold prices have further recovered. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com Mr Metals

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