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: D. Bryan who wrote (454)	5/22/1998 9:37:00 AM
From: Ross Orr	Read Replies (1) of 552

I think it would be possible to get a summary of the feasibility study. The last version that Davy completed was 9 binders and needed a whole section of our storage area for filing. As far as timing, my understanding is that the gold operation will be housed in a "Sprung" enclosure. This is a very sturdy tent-like structure that will eliminate the bricks and mortar (ie. faster installation). The decsision has been made that only the oxides will be leached thus eliminating the need for expensive roasters or pressure oxidation. All in all, I would estimate a 12-14 month construction phase once the bank financing is in place (which is currently being worked on). The copper has the benefit of having an operation already in place so much of the "how to" is already known. Marubeni will finance 85% of the construction so it just boils down to construction time. My guess would be 12 to 18 months. The interesting thing on the gold is whether a company is out there watching the developments of the project. 100,000 oz. per year would be a nice addition to a company doing 500,000 to 1mm oz. per annum. At $340/ounce the economics of the project are beautiful and even at $300 the project is a money maker. Ross

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