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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: Syncrude who wrote (511)	1/19/1999 6:01:00 PM
From: Syncrude	Read Replies (1) \| Respond to of 552

Further thoughts, On November 19, 1998 Armada announced a NPV of $48mm USD for the copper project. On December 9,1998 Armada announced that it received a SECOND proposal to finance the copper project, the other being from Marubeni. On January 11,1999 Armada announced that it sold out its copper project for just a few million dollars. At least management has secured it's salary for the next three years. Where is the NPV of $48mm USD now? ? ? What changed in less than 2 months, after proposals for financing, that they then decided to give the copper project away? This was their best chance at keeping the company afloat. While I had estimated a value of $0.38 per share prior to the sell out, I now value Armada at $0.18 per share, strongly dependent upon the success to move the gold project forward. If they approach the gold project in the same fashion as the gold project, then the value would be under the current trading price of $0.085. Sad to see that they took care of themselves first, with NO regard for shareholders who provided a lot of money over the years.