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

To: james flannigan who wrote (2279)	1/28/1999 1:26:00 PM
From: robert azana	Read Replies (1) \| Respond to of 3282

Over 100 million ozs of Silver already inferred @ $5.12 per oz = $512 Million, unlimited potential could be in the "BILLIONS", who cares about the "GOLD", its a "BONUS"!

To: james flannigan who wrote (2279)	1/28/1999 1:33:00 PM
From: Syncrude	Respond to of 3282

Value of ABX offer: For the 36.7mm shs fully diluted at $5.00 the offer totals $183.5mm CDN or roughly $122mm USD. Using a $50USD/oz in-the-ground value for gold (I admit this is high, but used for rough approximation and illustration only) the amount of $122mm USD equates to 2.4mm oz of gold equivalent. As this represents 60% of Veladero, then 100% would yield 4.066mm oz of gold equivalent. In other words the Barrick offer assumes an eventual proven deposit of just over 4mm oz of gold for Veladero. Based on management comments and results provided to-date, this would appear to underestimate the potential gold and silver, near surface, oxide, open pitable and good grade prospects discovered. At this time there is NOTHING which forces shareholders to submit to Barrick's hostile offer. The other option for shareholders is simply to WAIT further drilling results. ARP has $1mm or 30 days of drilling money left and should not have too much difficult in raising further funds. Barrick has indicated that they would be content with raising their direct ownership of Argentina Gold from 9.9% to 50.1%. Those that choose to wait, may find themselves faced with another offer in the future, AFTER the full potential of the project has been revealed and PERHAPS at a time when the price of gold is higher. Not a bad situation to be in!