Armada finances Siberian project

Junior Armada Gold (AAU-T) has closed a $1.4-million private placement with Levesque Beaubien Geoffrion aimed at financing exploration work in Siberia and Mongolia.

The financing consists of 6.6 million special warrants priced at 22cents each. A warrant can be exchanged for one Armada share.

Armada holds a 100% interest in Balgold, the joint venture developing the Baley gold project in southeastern Siberia. That deposit reportedly contains more than 5 million oz. gold in the Taseevskoe zone.

The company also holds a 49% stake in the Erdmin copper project in Mongolia, which produces 10 tonnes of copper cathode per day. A feasibility study is investigating the possibility of expanding daily output to 60 tonnes.

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