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: D. Bryan who wrote (456)	5/25/1998 9:34:00 AM
From: Ross Orr	Read Replies (1) of 552

1. The Sprung enclosure is actually something that would be descibed as "industrial" in strength and more than adequate to handle the elements be they weather or criminal. There are some currently in use in Alaska I believe. 2/3. We had about 5 or 6 companies through here in late 97/early 98 who sent in teams to pour over the data. Some are still asking qiestions and some sent teams to Baley to review the operations. The unfortueate thing is that we are not in a gold market that causes the big boys to have a sense of urgency like they did when they bot Arequipa. Maybe if someone steps off with a bid or proposal it would open the company to an auction for the highest bidder. Forgive my positive dreaming. 4. We are long past the drilling phase. The only drilling that AAU is doing is on the dumps in Mongolia for the feasibility study related to the copper expansion. That is only confirmation drilling to establish an average grade for the project. 5. It is highly likely that a debt financing will come from a European bank as they are a lot more comfortable with Russia than their counterparts in Canada. 6. The fund is called Capital Group and they are headquartered in Los Angeles but they have offices worldwide. They manage some $200 billion in assets of which the majority would be fixed income. Their London/Geneva fund holds a 10.5% stake in the company. 7. The SEC# allows the company to promote the stock in the US without running afoul with the regulators. At this time AAU will not list south of the border because it would be expensive and we do not want to spend dollars frivolously in this climate. It is not difficult for US investors to find the TSE in any event. Hope this answers your questions adequately. Ross Orr 3.

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