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Gold/Mining/Energy : Armada Gold 10 Million oz of Gold & 1 billion lb of Cu ! -- Ignore unavailable to you. Want to Upgrade?

To: Ross Orr who wrote (404)	3/16/1998 6:01:00 PM
From: Richard C. K. Burdekin	Read Replies (1) \| Respond to of 552

Ross: Even if the copper were given no value whatsoever, doesn't the present market cap imply that the gold is worth only $3 an ounce? And, if so, do you have any idea whether other deposits in the former Soviet Bloc are given such remarkably low market valuations? With regard to the company's cash position, I did want to ask you about the lack of current financial information on Armada'a web site. The latest numbers there seem to be June 1997. And an e-mail request for later statements has so far gone unanswered. Do you have plans to update the site and make the latest statements available? Thanks in advance, Richard

To: Ross Orr who wrote (404)	3/21/1998 12:32:00 AM
From: RDW	Read Replies (1) \| Respond to of 552

Ross, When will the results of the copper production feasibility study be available and assuming a positive result what is expected construction date and first year of full production. Also please clarify, '8 million lbs of what, not copper I assume since we expect to be producing 50 million ounces a year, or am I missing something? Thanks in advance, good to see your direct interest on this thread.

To: Ross Orr who wrote (404)	4/5/1998 4:52:00 PM
From: Arthur V	Read Replies (1) \| Respond to of 552

Ross, Can you give us the latest on the copper side of Armada? From what I understand (posted on Armada's Web site) Armada Gold has a 49% interest in 1.5 billion pounds of copper (waste rock) and 49% interest in a copper resource (resource classification) estimated at 1.8 billion tonnes. Waste Rock 49% of 1.5 billion * .80 = $600 million US Resource 49% of 1.8 billion * 2200 * .80 = $1,584,000,000,000,000 US (That's a whole bunch of copper!) Are these resource numbers correct? When in production: Copper cost: 30 cents/pound Yearly Production: 50 million pounds (50% = 25 million pounds for Armada) Plant Cost: 50 million? How much money will Armada need up front to finance the plant? (I realize Marubeni is providing much of the money but is Armada required to provide a portion as well?) Is everything still on target? Production start date? Are you getting more interest from institutions? (I saw the Capitol release) Thanks Arthur ---------------------------------------------- From Armada Web site Armada Gold plans to use solvent extraction/electrowinning (SX-EW) technology to process existing and future waste rock from the Erdenet Mine. Existing rock dumps are estimated to contain more than 1.53 billion pounds of copper amenable to SX-EW. Mongolia's Erdenet Mine, with estimated copper resource of 1.8 billion tonnes, has a projected production life of 90 years. The Erdenet Mine, one of the world's ten largest copper resources. A joint venture with Erdenet in the Erdmin project gives Armada Gold a 49 percent interest in copper production from existing and future waste rock.