Armada Clarifies Leader Mining Position.TORONTO--(BUSINESS WIRE)--Aug. 11, 1998--Armada Gold Corporation (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :AAU AAU abbr. Amateur Athletic Union .) (Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). :AAU.) Armada Gold Corporation advised that it is presently reviewing corporate and project financing opportunities with a number of companies and institutions. At this stage no material agreements have been entered into and discussions are continuing. This is in anticipation of the imminent completion of the Baley Project Bankable bank·a·ble adj. 1. Acceptable to or at a bank: bankable funds. 2. Guaranteed to bring profit: a bankable movie star. Feasibility Study, being undertaken by Kvaerner Davy of Toronto. The Study is examining a Phase I Start Up operation to produce approximately 100,000 ozs of gold per annum for 6 years from an open pit with an expected ore head grade of roughly 7g/tonne. Armada also wishes to clarify its position in relation to a press release made today by Leader Mining International Inc. Although Armada and Leader have signed a Memorandum of Understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. , the documents simply enable each company to do mutual due diligence and keep the results confidential. There are no other material terms and no other provisions relating to any proposed merger or otherwise. Armada has made its technical information available under confidentiality provisions to a number of companies over the past few months and at no stage has it regarded such actions as material. In the event of a material agreement relating to either corporate or project financing, Armada will make an appropriate release to its shareholders. Armada Gold holds a 100 percent interest in Balgold Limited, the company developing the Baley gold project in southeastern Russia, which contains more than 5 million ounces of gold in the Taseevskoe deposit. A supplementary study to the bankable feasibility study is expected shortly. Armada also has a 49 percent interest in the Erdmin copper project in Mongolia which is producing 10 tonnes of copper cathode per day. The Erdmin project is presently subject to a feasibility study "A Feasibility Study" is an episode of the original The Outer Limits television show. It first aired on 13 April, 1964, during the first season. It was remade in 1997 as part of the revived The Outer Limits series with a minor title change. examining an expansion of the operation to 60 tonnes per day or 20,000 tonnes of copper cathode per annum. The common shares of Armada Gold are listed on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. and the Alberta Stock Exchange under the symbol AAU. United States S.E.C Exemption: 12g3-2(b) 82-3965.
CONTACT: Armada Gold Corporation
Ross Orr, 416/777-0878
or toll free 1-800-517-1119
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