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: virginijus poshkus who wrote (513)	1/19/1999 10:34:00 PM
From: Syncrude	Read Replies (1) of 552

Vargas, I have taken into account the assumption of the copper loan and the convertible debt. We are still far away from 49% of the NPV that was boasted by the company just a few months ago. More that just value (quite significant as it was) the copper expansion would have allowed Armada to remain in existence until such time as conditions for gold improved (both economic and political). At the moment, Armada is left without any money (the six $500,000 payments will likely be used up in salaries and office expenses for the next three years) and I would be surprised that the gold project will advance any time soon, given the bad experience of other would-be miners in the ex-Soviet Union. I think that the company pretty well burned its financial bridges in Canada with disasterous past financings. What do YOU come up with? PS. My estimate of value of $0.18 is a gross amount. Taking into account the high probability that the assets won't get converted into cash any time soon, the true value is perhaps lower than current market value.

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