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: D. Bryan who wrote (458)	6/24/1998 9:02:00 AM
From: Ross Orr	Read Replies (1) of 552

Yesterday Armada held their annual meeting at the Royal York Hotel in Toronto. The following are some of the hi-lights: The directors, at the urging of shareholders, wisely cancelled the plan to lower the option strike price from 1.60 to .33 cents. In difficult times such as these it was thought to be ill-advised. All agreed. The Kvaerner/Davy study will be out in mid July. The delay was caused by KD wanting to do some recovery work. The samples they tested resulted in an increase in gold recovery from 80 to 86%. Discussions continue with two European banks re financing 70% of the construction for the gold mill. Term sheets are due from both as soon as the KD study is complete. Discussions continue with prospective partners for the (+-)$15 million which will be needed as the equity component for the construction. Obviously an equity issue for that amount is out of the question at these prices as the dilution would be enormous. The taxation protocol is in its 8th draft with an approval expected by Sept. from the Duma. After this final piece is completed, construction can begin which will take 12-14 months. Initial production from the starter pit is estimated to be at least 100,000 oz. The copper study continues, albeit behind schedule due to some equipment problems which needed replacement parts from Australia. It is fully expected that the outcome will be positive and that construction will begin soon thereafter. At 75 cents the project will make money but over $1 it makes serious money. Ross Orr

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