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Gold/Mining/Energy : ARP - V Argentina Gold -- Ignore unavailable to you. Want to Upgrade?

To: Elizabeth Andrews who wrote (1082)	11/4/1998 11:46:00 PM
From: Claude Cormier	Read Replies (1) \| Respond to of 3282

<< Estimated Tonnes 18 to 20 million metric tonnes Average Gold Grade 2.16 grams per tonne (six holes) Average Silver Grade 50.9 grams per tonne Contained Gold 1.280 million ounces Contained Silver 30.2 million ounces >> Elizabeth, You should include in these numbers the Filo Federico zone which contains 2.4M ounces gold and 75M ounces silver in all categories. If you combined both zones, ARP market cap is reasonable.

To: Elizabeth Andrews who wrote (1082)	11/5/1998 8:17:00 AM
From: Bill Jackson	Read Replies (1) \| Respond to of 3282

Elizabeth, It does indeed depend on continuity and grade and some grades may extend beyond the CSAMT envelope due to migration and there may also be some very deep places that increase the deposit. Still a good spec play for a potential 12 million ounces. Loads of shares out though, 35M is a boatful. Bill

To: Elizabeth Andrews who wrote (1082)	11/5/1998 6:32:00 PM
From: Don Billins	Read Replies (1) \| Respond to of 3282

* Argentina Gold Corp. (ARP : VSE: $3.11) Recommendation: ACCUMULATE 52-week price range: $3.30-0.35 Shares O/S: basic 33.1M fully diluted 36.4M Major shareholder: Lundin Group Working capital: $4.5M Market capitalization: $102.9M The hole-by-hole report continues on Argentina Gold's Amable Zone at the Veladero Project in San Juan, Argentina. ARP is operator of the project and has a 60% interest; Barrick holds a 40% interest. Hole 85 returned 220 m of 1.7 g/t gold and 69.81 g/t silver including 83 m section of 3.07 g/t gold and 110.41 silver. Hole 85 was drilled 80 m west of and in section with Hole 80, which intersected 212 m averaging 3.7 g/t Au and 47.7 g/t Au. Hole 85 defines an east-west, high-grade mineralized section with an extent of more than 150 m. The holes drilled to date at the Amable target indicate a strike length of approximately 400 m along the eastern flank of the target, with an east-west width of 150-200 m. By our rough calculation, this contains 1.5M ozs. of gold averaging 2.2 g/t. The target remains open to the west, south, and possibly to the east with geophysics defining a zone 700 m x 250 m. The reporting schedule over the short-term includes assays on Hole 86 drilled from the same platform as Hole 82 which had only anomalous grade). Drilling is continuing to the south and west with Hole 87 underway (100 m SSW of Hole 84 (111 m of 2.8 g/t gold and 23.1 g/t silver including a 49 m interval of 4.0 g/t gold and 21.3 g/t silver). From a market perspective, Hole 87 will have critical information. Hole 88 will be underway soon and will be located 100 m west of Hole 84. The Amable Zone is located 2.5 km to the southeast of the Filo Federico Zone which contains an estimated 82.8 M tonnes grading 0.73 g/t gold (2.0M ozs. Au) and 25.5 g/t silver (70M ozs. Ag) at an estimated waste:ore ratio of 4.3:1. This is a marginal grade and needs a high-grade starter pit elsewhere on the property to improve the merits of the prospect. Overall, the numbers continue to confirm the target as a multi-million ounce prospect, but the narrower interval of higher grade in Hole 85 has not met market expectations. ARP has remained over the past month a hole-by-hole drill play. The continuation of one-hole news releases is becoming a tired approach and the share price volatility resulting from erratic drill results is scaring off investors. We calculate a speculative upside of $5/share (@ US$25/oz.) assuming the Amable Zone were to contain 4M ozs. The current risk factor for not confirming this potential restricts our recommendation to an ACCUMULATE on weakness for high-risk speculative investors. Andrew Muir, CFA (604) 643-7008 CANACCORD