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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: zoli bognar who wrote (434)	4/17/1998 5:02:00 PM
From: Sapper	Read Replies (2) \| Respond to of 552

News Release: Russian gold agreement executed Armada Gold Corp AAU Shares issued 86,782,293 Apr 16 close $0.31 Fri 17 Apr 98 News Release Mr Ross Orr reports The company has executed a gold sales commission agreement with the major Russian bank - Vneshtorg Bank. Under the agreement the bank will act as Armada's agent for the export or Armada's planned production from its Baley gold project in the Chita Region of southeastern Siberia. The agreement, after considerable negotiation, marks a substantial step in the completion of commercial documentation enabling the project to move forward to finance and construction. Armada Gold has the right to a 100% interest in Balgold Limited, the Russian company developing the Baley gold project, which in the Taseevskoe deposit alone, contains more than five million ounces. Armada has closed a second tranche ($870,000) special warrant private placement with Levesque Beaubien Geoffrion. The private placement consisted of 3.954548 million special warrants, each priced at $0.22. The proceeds of the offering will be used to augment the company's working capital. Each special warrant will entitle the holder to acquire one share. The special warrants will become exercisable upon the issuance of receipts for a prospectus to be filed by the company with applicable securities regulatory authorities. In the event applicable securities regulatory authorities have not issued a final receipt for the prospects by July 15 1998, each special warrant will be exercisable for 1.1 common shares. Armada also holds a 49% interest in the Erdmin copper project in Mongolia, which is producing 10 tonnes of copper cathode a day. The project is presently subject to a feasibility study examining an expansion of the operation to 60 tonnes per day or 20,000 tonnes of copper cathode per year. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com