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 (509)	11/19/1998 11:40:00 AM
From: Mr Metals	of 552

Armada Gold Corp - Phase II feasibility study received Armada Gold Corp AAU Shares issued 104,464,111 1998-11-18 close $0.07 Thursday Nov 19 1998 Mr. Ross Orr reports The feasibility study on the company's Erdmin SX/EW phase II copper operation now has been completed by Kilborn, CMPS&F and Chiyoda Corporation. With a project life of 10 years, an assumed average copper price at 85 U.S. cents per pound and annual production of 20,000 tonnes per year of copper cathode (99.99 per cent pure) the project is showing an after tax, net present value of more than $48-million (U.S.). The study is positive and based on its results, Marubeni and others continue to express a strong interest in providing appropriate project finance. The feasibility study base case indicates an expected capital cost of $61.4-million (U.S.) with operating costs for the first four years of 32 U.S. cents per pound and years five to 10 of 41 U.S. cents per pound. The project life of 10 years is based on existing dumps; however, production will continue long beyond that time as the mine adds additional low-grade ore and waste to the dumps. The Erdenet mine has an established resource of approximately 1.6 billion tonnes grading 0.46 per cent Cu at 0.25 per cent cutoff with the present pit design. At present mining rates this resource would be sufficient to sustain operations for approximately 80 years. Erdmin has the right to all waste rock from this mine for the next 40 years. Erdmin (the Mongolian operating company of which Armada owns 49 per cent) continues to produce copper cathode from its phase I demonstration plant. Copper is being transported through China to Japan with payment being made in U.S. dollars to the joint venture's New York bank account. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com MM

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