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

To: Bill Jackson who wrote (2381)	1/30/1999 10:05:00 AM
From: Steelguy	Read Replies (3) \| Respond to of 3282

Let me just say that I wish Greenstone management and Bema management would have taken some lessons from our leaders at ARP! Well done boys.......I am along for whatever ride you take me. THis $200/share slip is hilarious and part of me wonders truly how it was possible...amazing. Reminds me of sending faxes to customers of the wrong list......the one with our costs on it!!! OUCH !!!! been there, done that. best to all. sg

To: Bill Jackson who wrote (2381)	1/30/1999 11:23:00 AM
From: Gord Bolton	Read Replies (3) \| Respond to of 3282

I agree that the vast area of Argentina Gold's property in the El Indio Belt has tremendous potential. Barrick obviously shares that opinion. They sought to acquire as much property as they could when it became available. The surface has barely been scratched at this point in time. Serious exploration work to date has focussed upon Pascua and several kilometers away on a minute section of ARP's property. This quote from Barrick's annual report bears repeating; "We are prioritizing our exploration and engineering work on this property because we believe it has the potential to contain the largest gold and silver reserves in South America. If so, it will have exceeded all the expectations that we attached to the El Indio Belt when we acquired Lac Minerals in 1994. Speculation has focussed on how many million ounces of gold will be drilled off on the Valadero project or perhaps how many ounces have been drilled off so far. And is the price that Barrick is offering fair for the amount that has been proven. This calculation can in no way be the model for determining the potential value of all the property that Argentina Gold has in the El Indio Belt. The over view on ARP's web site says it all. "During the past few years, the Company has achieved a virtual monopoly of the prolific El Indio Gold Belt extensions into Argentine territory. The geology of the Andes is conducive to multi-million ounce bulk tonnage and high-sulphidization bonanza type gold deposits, both of which the Company is targeting. The Company has over 560,000 hectares of land with well-recognized gold exploration potential. The land package has the potential to host a similar deposit to that of Barrick Gold Corp.'s Pascua gold deposit (17 million plus ounces). Until recently, the Andean mountain range on the Argentine side had been under-explored. However, since economic reform and revision of the mining law in the early 1990's, Argentina has become the focus of a major exploration effort by more than 50 international mining groups. International Musto's (same management team as Argentina Gold Corp.) development of the enormous Bajo de la Alumbrera copper/gold deposit was the first successful mining initiative under the reforms." I might add that the property has the potential to host many multi- million ounce deposits. "The Veladero lease comprises 13,000 hectares and its western border limits with Chile. The overall main target area, located at the northern part of Veladero, comprises a 4 by 4 kilometre alteration area coincident with a ridge, named Cerro Pelado. This ridge is formed by two large diatreme systems (Cerro Pelado and Filo Federico) covering more than 10 square kilometres of geochemical-geophysical anomalies. The targets identified to date within this area are referred to as: Breccia Agostina, NW Target, Filo Federico, Amable (SE) Target, Cerro Pelado and the Muneco Target. The top of the mineralized zones is generally at 4200 m.a.s.l. The Veladero camp is located at 3700 m.a.s.l." I think that this section of the latest ARP NR is what people should be focussing on in considering whether Barricks $5.00 offer is fair. "There is a growing recognition of the upside potential of the Veladero project and also a recognition that the land controlled by Argentina Gold encompasses an entire mining district. There already exists several promising targets throughout the region that have yet to be drilled. When one does some minimal research into the potential for many huge finds on the Argentina Gold property, one quickly comes to appreciate the reason for the strong rhetoric expressed by the Directors of ARP in their rejection of Barrick's $5.00 offer. Barrick seeks to seize control of over 1/2 million hectares of prime elaphant gold property based upon their estimation of the value represented by a few drill holes on a couple of acres of that property. Hang onto your shares folks and give the drillers time to drill. There could be twenty million ounces of gold in that one little section alone plus the silver. There is an excellent chance that by the time the drilling is done both gold and silver will be looking much more robust, healthy and economically attractive. There are many possible alternate outcomes here for ARP shareholders that would represent a much greater value.