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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: stockman who wrote (464)	7/15/1998 8:40:00 AM
From: Ross Orr	Read Replies (1) \| Respond to of 552

My understanding is that the study will be released before the end of July. The study in Mongolia is expected by the end of August with, I believe, an immediate startup for completion in the 4th quarter of 99. The cash flow from Erdenet covers all the Mongolian operations with a small amount going to cover Baley. Remember that the operation in Russia is virtually at a standstill until a partner can be found. The partners all want to see the feasibility study for obvious reasons. The principles of the company are not drawing pay checks presently so cash can be conserved. I am not sure of the current cash position but I would estimate about $1 million. Ross