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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 (425)	4/16/1998 3:35:00 PM
From: Francis Scavo	Respond to of 552

Hello Ross Maybe you can update us on what Armada is doing to make our Russian gold to be more valuable. If no news is good news, then we should be getting a lot of good news. Francis

To: Ross Orr who wrote (425)	4/16/1998 4:06:00 PM
From: Syncrude	Read Replies (1) \| Respond to of 552

Hi Ross, Had it been any other company making this announcement, it might have given cause for interest. Since it is Bema, I do not give much credit to management's business acumen. They have given away a fair chunk of Arizona Star's property to Placer Dome, when they had an opportunity to create shareholder value several months before. Instead, while they were telling shareholders that an offer was expected for Arizona Star, insider sales took place. So much for any credibility for them. So the Bema announcement will not create any waves. Armada is in the same position as before, no better, no worse.

To: Ross Orr who wrote (425)	4/16/1998 4:48:00 PM
From: zoli bognar	Read Replies (2) \| Respond to of 552

Wonder if any shareholder will sell his stock for 30 cent to some large company? We suffer a lot for armada. I wont sell my stocks so low I hoppe most investor fill a same way. We dont need You 3o cents Bs deal Ross. Z.B ps the second man opinion.

To: Ross Orr who wrote (425)	4/16/1998 9:13:00 PM
From: Brad Yonkman	Read Replies (1) \| Respond to of 552

I think you can probably understand everyone's frustration Ross. I know I'm getting frustrated. The last 2 press releases haven't exactly made me feel any better either. As far as valuing the company's Baley gold mine I see it as follows: For 3 million Armada shares worth about $.9 million (or considerably less if you got in on the last private placement) you bought 15% of Baley or approx another .75 million ounces. This means the reserves are worth about $1 an ounce or Armada got a heck of a deal. I suspect the former since we followed the Baley 15% buyout with the private placement announcement. I'm not sure how many Armada shares are outstanding at the moment but I'm sure fully diluted it's well over 100 million.$5 million of gold spread over this many shares doesn't give me a very warm feeling. Hopefully the copper has some value. If my logic is flawed please explain where I went wrong. Good luck to all, Brad