Anglogold Ash Share Discussion Threads

[energyi] 30/12/2002 11:20

Ariane could be a big winner in 2003.

I am expecting it to follow Miramar higher.
And news flow should help, whatever happens to POG

[energyi] 12/12/2002 15:45

0.70 +0.01 0.69(695)/ 0.70(300) 160,000
Surely this surge in POG should be it to push higher.
Surge in "sister company" Miramar should help also.

[energyi] 30/11/2002 16:03

OUTPERFORMANCE...
Ariane has been creeping up relative to MAE and the HUI index.

This is seen in the table in the Header:
Week. .AGD. .MAE. Ratio ..HUI. Ratio
29.11 $0.68 $1.15 0.591 115.93 0.587

... AGD has a higher beta than HUI, and has performed better
than Miramar (MNG). This is shown in the following charts:
1)

2)

[energyi] 30/11/2002 15:18

Third Quarter 2002 Results : 11/26/02

Comments on Financial Results
For the third quarter ended September 30, 2002, Ariane Gold Corp. (the 'Company', 'Ariane') incurred a loss of $582,000 or $0.03 per share compared to a loss of $16,100 in the corresponding quarter of 2001. The loss per share is still high essentially because the lesser weighted average number of shares outstanding. As of September 30, 2002, the Company has 44,032,611 common shares and 2,202,200 warrants outstanding as compared to none at the end of the second quarter of 2001.

For the year-to-date, the Company incurred a loss of $928,200 or $0.21 per share compared to a loss of $13,200 for the same period in 2001.

For the third quarter of 2002, interest income amounted to $139,000 compared to none for the same period in 2001. Services activities in French Guiana are expected to be minimal in the future.

For the third quarter of 2002, the Company incurred administrative expenses of $296,100 compared to $37,000 in the corresponding quarter in 2001, while business development expenses for the identification of new projects and sources of financing amounted to $151,200 in the second quarter of 2002 compared to none in the corresponding quarter last year. In 2001, the Company's activities were limited to local management of projects in French Guiana.

For the third quarter of 2002, investments in exploration projects amounted to $24,500,200, including $23,959,500 in acquisition cost, compared to $134,600 for the corresponding period in 2001.

As at September 30, 2002, cash earmarked mainly for exploration projects and debts repayment into 2004 amounted to $21,110,600. On the same date, the Company's assets totalled $47,747,800 including $26,501,200 for exploration projects compared to $1,380,900 and $1,161,100 respectively as at December 31, 2001.

Background
On June 12, 2002, Ariane had completed a Special Warrants private placement for 31,460,000 Special warrants. Each Special Warrant entitled the holders to acquire on Common Share without payment of any additional consideration.

Ariane has also filed a prospectus ('Prospectus') dated August 2, 2002 with the relevant Canadian Securities Regulatory Authorities to qualify, among other things, the issuance of Common Shares upon the exercise of the Distribution Special Warrants and a rights offering to subscribe for up to 19,505,480 subscription receipts, each shareholder of Common Share being entitled to received 10 Rights for each Common Share held (one Right will entitle the holder to subscribe for one subscription receipt).

On August 30, 2002, 42,082,063 common shares were issued at $0.70 each following the exercise of 10,622,063 subscription receipts from the rights offering and the conversion of 32,460,000 special warrants issued on June 12, 2002. The gross proceeds from the shares issue amounted to $29,457,400; common shares issue expenses amounted to $4,119,800 ($3,391,800 in cash).

AGF Transaction
In February 2002, Hope Bay Gold announced an agreement with Asarco to purchase AGF. Further, Hope Bay Gold announced its intention to create a new public company for the development of its existing French Guiana's assets and the acquired AGF's assets. Ariane was created in March 2002, Hope Bay transferred its French Guiana assets to Ariane in April 2002 and the acquisition of AGF was completed on August 19, 2002. Under the terms of the share purchase agreement, Ariane will pay a total of US $16.4 million for AGF.

The purchase price for AGF is in five instalments, as follows.
* US $3M on closing (which was paid on August 19, 2002)
* US $3M on 1st anniversary
* US $2.17M on 2nd anniversary
* US $4.14M on 4th anniversary
* US $4.14M on commencement of commercial production
AGF's assets consisted of three exploration projects in French Guiana namely; Camp Caiman, Mataroni, and Cipanama, the most important being Camp Caiman.

Camp Caiman
The Camp Caiman project is an advanced stage exploration and development project, with current identified indicated resources of 822,868 ounces Au with a further inferred resource of 1,047,079 ounces Au. The project is located in eastern French Guiana, 60 km from the capital city Cayenne, and is accessible by paved road.

AGF completed over 39,000 metres of diamond drilling and 20,000 metres of RC drilling at Camp Caiman. To date, some US $14 million has been spent on exploration. Geostat International from Montreal was retained to independently calculate resources for Camp Caiman.

...................... Camp Caiman Resources
............Indicated Resources ... Inferred Resources
........ Tonnage . Grade .. Gold .. Tonnage. Grade ... Gold
.......... (kt).. (g Au/t) (oz Au) .. (kt).. (g Au/t) (oz Au)
0.5 g/t Cut-off
Saprolite.. 3,644.. 2.74.. 321,464 .. 6,478.. 1.74... 363,372
Rock....... 4,562.. 3.42.. 501,404 .. 9,032.. 2.35... 683,707
Total...... 8,206.. 3.12.. 822,868 . 15,510.. 2.10. 1,047,079
1.0 g/t Cut-off
Saprolite.. 3,040.. 3.13.. 306,179 .. 4,793.. 2.08... 320,480
Rock....... 4,368.. 3.53.. 496,336 .. 7,838.. 2.59... 652,139
Total...... 7,408.. 3.37.. 802,515 . 12,631.. 2.40... 972,619

* these estimation were made by Geostat in compliance with
National policy 43-101.

In addition to the exploration work, AGF completed a comprehensive program of metallurgical testing, and environmental monitoring at Camp Caiman. Further metallurgical work is required on the sulphides, however, the oxide resources are fully metallurgically tested and ready for full design. Environmental work has been completed and is ready for full permitting submission to the French authorities.

CBJ-France
CBJ-France is Ariane's 100% owned subsidiary in French Guiana. As well as holding the shares AGF, CBJ-France has 11 exploration permits or applications in its own right. These are either wholly owned in their own right (Mt Tortue) or acquired by CBJ-France under a Joint Venture with Cogema. In total, these properties have had approximately US $9 million spent on exploration by CBJ-France and previous operators.

This has resulted in a number of high quality exploration targets being generated, which form an integral part of the exploration and development strategy of the Company.

Initially, CBJ's exploration team will focus on defining resources on the former producing mines at Changement and Ste-Marie, which are located near Camp Caiman. If exploration is successful, these deposits could provide additional sources of mill feed to a development at Camp Caiman.

Ariane Programs
Ariane has planned an aggressive program of exploration and development at Camp Caiman and its other projects. If this program is successful, the Company intends to begin preparing a feasibility study on the oxides at Camp Caiman in mid 2003.

A Cdn $4.2 million program is planned for 2002, consisting of approximately 9,800 meters of diamond drilling and 9,000 meters of RC drilling. The program will define the saprolite resources of the 88 and Scout zones on a 25m x 25m pattern suitable for the feasibility study planned for early 2003. Additional drilling is planned to expand these resources as well as identify additional sources of saprolite oxide ore. Any part of the program not completed by year-end will be continued in January 2003. Additional exploration work started recently on the nearby Changement permit to investigate the extensions of a previously mined ore zone.

In addition, a comprehensive program of metallurgical work on the sulphide resource (1.2 million oz) will be executed to determine if the economics of the sulphide ores can be enhanced.

In total, over Can $10 million of exploration and development work has been budgeted through the end of 2003.

:MORE, Financials:

[energyi] 28/11/2002 15:26

0.64 (50) / 0.67 (50): Last Trade: 0.64 (+ 0.03) on 50,000 in first 45mins

[energyi] 27/11/2002 16:38

NEW DISCOVERY AREAS mentioned in the Report:

Expansion drilling program
New ore lenses have been intersected within the Scout and 88 zones. Additional drilling was also planned to evaluate the western extension of the Scout Zone, the northeast extension of the 88 Zone, and the 08 Zone located between the Scout and 88 zones.

Hole 405 located on section 650NW intersected 6.6 gAu/t over a core length of 53
metres on the western extension of the Scout Zone. The true thickness and direction of mineralization in this area is unknown and additional drilling is planned to further delineate the lens.

[energyi] 27/11/2002 16:33

Ariane Gold (AGD : TSX : C$0.60) - BUY - 12-month target price: C$1.50
Brian Christie
Comment: Camp Caiman exploration update
Ariane Gold has announced additional drill results from the ongoing
exploration program at the Camp Caiman deposit in French Guiana. The
program, which started in September, is still ongoing with one core and one
reverse circulation (RC) drill. The exploration program is basically
twofold: one aim is to in-fill and update the previously defined resources
on the 88 and Scout gold mineralized zones.

Assay results from a total of 51 diamond drill holes (totaling 5,673 metres) and 38 RC holes (totaling 2,139 metres) have been received to date as part of the 2002 program in the Scout and 88 zones. Generally, the in-fill program in the wide 88 Zone has been successful in confirming the thickness, continuity and grade of the
previously defined ore lenses. The Scout Zone was not as well defined as the
88 Zone from the previous drill programs. This was due to wider drill hole
spacing, and the ore zones seem to have suffered a late phase of folding and
faulting, which locally offset the mineralization. Additional ore lenses
were also located in the recent holes, and thus more drilling is required to
better define the geological model and to integrate the new ore lenses.
Drilling has also started at the nearby Changement project, and
metallurgical tests are underway on sulfide ores from Camp Caiman. Ariane
continues to advance the Caiman project and we expect to see a revised
pre-feasibility study by early next year. We are maintaining our BUY
recommendation and C$1.50 target price.

Copyright (C) 2002 Canaccord Capital Corporation.

[natking] 10/11/2002 18:04

I hear that Ariane is gearing up for a promotional effort soon

[energyi] 06/11/2002 17:57

DUNDEE GIVES AGD an estimated NAV of C$2.65:
"
We expect Ariane will successfully define one million ounces in the saprolite ore over the next 12 months.
Based on our indicative case of one million ounces contained in the saprolite ore, Ariane's NAV (undiscounted, US$325/oz.) gold price should be about C$2.65. We selected a 12 month target price of about half of the indicative NAV, to account for hurdles the compnay must overcome, and some anticipated profit-taking from investors. We rate Ariane a SPECULATIVE BUY with a target price of C$1.50.
"
From: Dundee's Gold report dated 29.Oct.2002

[energyi] 25/10/2002 21:08

Ratio: AGD/MAE ... Prices in C$

Week. .AGD. .MAE. Ratio ..HUI. Ratio
25.10 $0.65 $1.10 0.590
18.10 $0.55 $1.25 0.440 113.89 0.482
11.10 $0.58 $1.30 0.446 112.68 0.515
04.10 $0.72 $1.47 0.490 119.43 0.603
27.09 $0.75 $1.56 0.481 125.34 0.598
20.09 $0.84 $1.57 0.535 131.82 0.637
16.09 $0.77 $1.41 0.546 135.00 0.570

[energyi] 25/10/2002 15:47

Camp Caiman results


Two major mineralized zones are identified over a distance of 1.8km. The Scout zone consists of steeply dipping elongated ore shoots averaging 8m in thickness, with strike length reaching 250 meters. The oxidised saprolite cover is very thick, reaching over 100m locally. Gold grade in the C88 zone is generally higher, with shallow dipping broad mineralized zones reaching 85m thick. Controls are both structural and lithological. Both zones are open at depth and along strike.

Best Holes
Holes 230 and 380 confirm high- grade gold lenses with
72m at 6.3 g/t and 65m at 10.3 g/t

Summary
Highlights 2002 drilling program
Hole Zone From .To. Grade True .Type.
.... .... .... .... gm/t. Width .......
217. C88. __87 _122 _2.1_ _30m Infill
218. C88. __77 _125 _3.4_ _44m Infill
220. C88. ___0 ___8 _4.9_ __7m New Lens
220. C88. __15 __59 _2.5_ _43m Infill
221. C88. __75 __89 _2.9_ _11m Infill
230. C88. ___2 __74 _6.3_ _72m Infill
231. C88. __60 __84 _2.5_ _16m New Lens
233. C88. __25 __37 _2.7_ _12m New Lens
236. Scout _36 __47 _2.5_ _??m New Lens
379. C88. __26 __40 _2.0_ _10m Infill
380. C88. ___3 __69 10.3_ _65m Infill
381. C88. ___3 __21 _7.4_ _16m New Lens
382. C88. ___3 __34 _3.9_ _28m New Lens

[mikkydhu] 25/10/2002 14:57

Positive drilling results from Camp Caiman out today. May explain recent price rise.

[energyi] 24/10/2002 17:51

Today is unusual so far:
Stock.............. Price .chg. bid(no.)/offer(no) vol.
Ariane Gold Corp.... 0.60 +0.08 0.54(100)/ 0.64(70) +28,400
Miramar Mining Corp. 1.06 -0.08 1.05(306)/ 1.08(110) 244,800
ratio: AGD / MAE: 56.6%

Is there a SWITCH going on?

[energyi] 01/10/2002 14:41

(1)
... (Excerpt from Sep 4, 2002 News Release) PDF.
Wednesday, September 04, 2002 ARIANE GOLD CORP
Ariane Gold has commenced drilling at its Camp Caiman project in ...

(2)
Ariane acquires gold properties

By ALLAN ROBINSON / MINING REPORTER
Friday, August 23, 2002 – Print Edition, Page B2

Ariane Gold Corp. completed the acquisition this week of several gold exploration properties in French Guiana from Arizona-based Asarco Inc.

The properties being acquired from Asarco, a huge copper and zinc producer owned by Grupo Mexico, include the Camp Caiman deposit, which is estimated to contain 1.9 million ounces of gold.

Ariane, which is based in Longueuil, Que., also owns properties in French Guiana formerly owned by Hope Bay Gold Corp., which was acquired by Miramar Mining Corp. of Vancouver. Hope Bay created Ariane in March and most of the shareholders in both companies are the same.

Two of Ariane's deposits are close to Camp Caiman and are estimated to contain between 200,000 and 300,000 ounces of gold, the company said.

Ariane agreed to pay Asarco a total of $16.4-million (U.S.), three-quarters of which would be paid over a four-year period with the final payment of $4.1-million due when the Camp Caiman property is put into commercial production.

This week Ariane said it will have enough money on hand to finance its operations and payment obligations to Asarco until 2004, if a rights issue under way to raise $13.6-million (Canadian) is successful.

After fees and expenses of $2.6-million, net proceeds of $11-million will bring Ariane's total cash on hand to about $31.3-million.
- - - - -
COMMENT:
$13.6-million (Canadian) : After fees and expenses of $2.6-million:
Net proceeds of $11-million will bring Ariane's total cash on hand to about $31.3-million.

At 19.1% , these are some very high fees. Those that have the fees
in pocket can breakeven at C$0.70 x.0.809= C$0.566

[energyi] 01/10/2002 14:38

Press Release Source: Ariane Gold Corp.


Ariane Gold Corp. Closes Acquisition of Asarco Guyane Francaise, Begins Work Programs at Camp Caiman
Tuesday August 20, 4:01 pm ET


- Final prospectus receipted, rights issue mailing completed, Cdn $13 million rights issue in progress
- Cdn $22 million special warrant issue cleared, escrowed funds released to Company

LONGUEUIL, QUEBEC--Ariane Gold Corp. ("Ariane" or the "Company") today announces that it has completed the closing of the acquisition of Asarco Guyane Francaise ("AGF") by its subsidiary CBJ-France ("CBJ-F").

AGF was the 100% owned French subsidiary of Asarco Incorporated, and holds the 1.9 million ounce (as detailed below) Camp Caiman deposit, as well as two other exploration projects in French Guiana.

CBJ-France is a 100% owned subsidiary of Ariane, which holds the shares of AGF, as well as direct interests in 11 other exploration projects in the vicinity of Camp Caiman, in eastern French Guiana. Work programs at Camp Caiman will begin immediately.

On August 2, 2002, the Company received receipts from the Canadian securities commissions for its final prospectus. The shareholders of Ariane as of August 2, 2002 (which are mainly the former shareholders of Hope Bay Gold Corporation) have a right to subscribe for up to 19,505,480 shares at Cdn $0.70 in accordance with the terms set out in the prospectus. In addition, the conditions precedent for the conversion of the previously announced special warrant financing have been completed and as a consequence the special warrants have been now converted to common shares. Completion of the rights issue is expected on August 24th, 2002, with trading on a recognized Canadian exchange in early September. Full subscription of the rights would raise Cdn $13,653,836 for the Company.

AGF Transaction

In February 2002, Hope Bay Gold announced an agreement with Asarco to purchase AGF. Further, Hope Bay Gold announced its intention to create a new public company for the development of its existing French Guiana's assets and the acquired AGF's assets. Ariane was created in March 2002, Hope Bay transferred its French Guiana assets to Ariane in April 2002 and the acquisition of AGF was completed on August 19, 2002. Under the terms of the share purchase agreement, Ariane will pay a total of US $16.4 million for AGF.

The purchase price for AGF is in five installments, as follows.

* US$3M on closing (which was paid on August 19, 2002)

* US$3M on 1st anniversary

* US$2.17M on 2nd anniversary

* US$4.14M on 4th anniversary

* US$4.14M on commencement of commercial production

AGF's assets consisted of three exploration projects in French Guiana namely; Camp Caiman, Mataroni, and Cipanama, the most important being Camp Caiman.

Camp Caiman

The Camp Caiman project is an advanced stage exploration and development project, with current identified indicated resources of 822,868 ounces Au with a further inferred resource of 1,047,079 ounces Au. The project is located in eastern French Guiana, 60 km from the capital city Cayenne, and is accessible by paved road.

AGF completed over 39,000 metres of diamond drilling and 20,000 metres of RC drilling at Camp Caiman. To date, some US$ 14 million has been spent on exploration. Geostat International from Montreal was retained to independently calculate resources for Camp Caiman.

Camp Caiman Resources
------------------------------------------------------------------
Indicated Resources Inferred Resources
------------------------------------------------------------------
Tonnage Grade Gold Tonnage Grade Gold
(kt)(g Au/t) (oz Au) (kt) (g Au/t) (oz Au)
------------------------------------------------------------------
0.5 g/t Cut-off
------------------------------------------------------------------
Saprolite 3,644 2.74 321,464 6,478 1.74 363,372
------------------------------------------------------------------
Rock 4,562 3.42 501,404 9,032 2.35 683,707
------------------------------------------------------------------
Total 8,206 3.12 822,868 15,510 2.10 1,047,079
------------------------------------------------------------------
------------------------------------------------------------------
1.0 g/t Cut-off
------------------------------------------------------------------
Saprolite 3,040 3.13 306,179 4,793 2.08 320,480
------------------------------------------------------------------
Rock 4,368 3.53 496,336 7,838 2.59 652,139
------------------------------------------------------------------
Total 7,408 3.37 802,515 12,631 2.40 972,619
------------------------------------------------------------------

* these estimation were made by Geostat in compliance with National
policy 43-101.


In addition to the exploration work, AGF completed a comprehensive program of metallurgical testing, and environmental monitoring at Camp Caiman. Further metallurgical work is required on the sulphides, however, the oxide resources are fully metallurgically tested and ready for full design. Environmental work has been completed and is ready for full permitting submission to the French authorities.

CBJ-France

CBJ-France is Ariane's 100% owned subsidiary in French Guiana. As well as holding the shares AGF, CBJ-France has 11 exploration permits or applications in its own right. These are either wholly owned in their own right (Mt Tortue) or acquired by CBJ-France under a Joint Venture with Cogema. In total, these properties have had approximately US$9 million spent on exploration by CBJ-France and previous operators.

This has resulted in a number of high quality exploration targets being generated, which form an integral part of the exploration and development strategy of the Company.

Initially, CBJ's exploration team will focus on defining resources on the former producing mines at Changement and Ste-Marie, which are located near Camp Caiman. If exploration is successful, these deposits could provide additional sources of will feed to a development at Camp Caiman.

Ariane Programs

Ariane has planned an aggressive program of exploration and development at Camp Caiman and its other projects. If this program is successful, the Company intends to begin preparing a feasibility study on the oxides at Camp Caiman in mid 2003.

The initial exploration program costing Cdn $4.2 million will include 10,000 metres of diamond drilling and 9,000 metres of RC drilling. The objective of this campaign is to infill and expand the oxide resources at Camp Caiman and Changement. This campaign is scheduled for completion early 2003.

In addition a comprehensive program of metallurgical work on the sulfides resource (1.2 million oz) will be executed to determine if the economics of the sulfide ores can be enhanced.

In total over Cdn $10 million of exploration and development work has been budgeted through the end of 2003.

Finances

The recently completed Cdn $22 million special warrant issue, plus the money that the Company expects to raise from the rights issue, would allow Ariane to have more than sufficient funding to carry out its budgeted programs and payment obligations to Asarco until 2004.

Commenting on the Asarco transaction and recent financing, David Fennell, Chairman of Ariane said: "completion and closure of the purchase of AGF has created an exciting new gold exploration and development company, that has high quality projects, and is well financed. This should ensure a good take-up in the rights issue, and ultimately an excellent reception in the market."

[energyi] 21/9/2002 09:45

From Stockhouse: Friday:
Sprott initiates coverage with BUY today Posted By: thedave
Post Time: 9/20/02 15:50

at 1145am via dow jones newswire. target $1.50 CDN. no wonder the action today....have a good weekend, dave.

[energyi] 21/9/2002 08:07

Ariane Gold to exhibit at NY Gold show.

The show is next week, Monday and Tuesday and AGD will have a booth.
Good mover yesterday, up $0.08 to $0.84 on over 1.1 million shares.
Ariane is beginning to shake off its opening jitters. It has a good
story to tell and it is beginning to tell it.

Quote from TSE website:
Last Updated: 20 Sep 2002
Rolling 52 Week High 0.880
Rolling 52 Week Low 0.660
Quoted Market Value 36,987,393
# of Shares Outstanding 44,032,611

[energyi] 20/9/2002 18:35

PRESENTATION NOTES:
French Guiana Assets of Hope Bay Gold - May 2002

(1)
Summary
- All properties located in NE French Guiana
- Property package over 300 square kilometers
. known resources, gold-bearing structure and deposit identified
- Own whole belt
- Circa 1.9 million ounces in resources
- 11 other prospects/ exploration projects

(2)
Summary, continued...
- Camp Caiman feasibility witin 12 months
- Hope Bay business model
. developement projects with huge exploration upside
- Unequalled financial packages for development (Pons law)
- Separate vehicle from Hope Bay Gold: Ariane Gold Corp.

(3)
French Guian Summary
- Located NE South America
- Politically part of France (Domtar)
- Guiana Shield geology
. host to several large gold deposits
- Tropical rain forest environment
- Good services
- Excellent financial packages available for development

(4)
Guiana Shield - Simplified Geology
(map showing mine loactions:
Las Christinas: 8.0 mn oz.
Omai......: 3.6 mn oz.
Gross Rosebel: 2.1 mn oz.
Yaou-Dorlin..: 1.0 mn oz.
Camp Caiman.: 2.1 mn oz.

(5)
Property Summary
- Camp Caiman (acquired from Asarco - Feb.2002)
- 11 other permits along 40 km of strike
- HGC own the whole belt
- Same geological setting as Caiman
- 2 areas of former production
- Good infrastructure

(6)
Permits in NE French Guiana
(map showing locations of permits near Regina):
Camp Caiman permits,
Cogema permits (optioned to CBJ in 2000, and in 1998)
Tortue permits,
Mataroni permits,
Cipanama, Trois Pitons Ouest, Trois Pitons

(7)
HGC Permits
(map showing rock types and gold mineralisation at Belizon,
and near Doyle/ Ste. Marie)

(8)
Property History
- Camp Caiman acquired from Asarco - Feb.2002
- US $14mn spent ion exploartion by previous owners
- Pre-Asarco: BRGM
- Other properties acquired from Cogema and Cambior
- Previous owners BRGM
- US $9mn spent on these properties
- Changement and Ste-Marie produced 65,000 oz.

(9)
Camp Caiman - Geology and Resources
- Greenstone hosted, structurally controlled orebodies, relating to
. folding, porphyries, and stratigraphic controls
- Two orebodies - Scout and c-88
- Orebodies are both saprolite (oxide) and hard rock (suplphide)
- Over 20,000 metres of RC and 39,000 metres of diamond drilling
- Resources calculated by polygonal X sections at 0.5g/t & 1.0g/t cutoffs

(10)
Camp Caiman - Resources
Cut-off:... Indicated Resorces Inferred Resources
........... Tonnes Grade Gold. Tonnes Grade Gold.
........... ...... ..... 000's ...... ..... 000's
(0.5 g/t).. ...... ..... oz.s. ...... ..... oz.s.
Saprolite... 3,644. 2.74 321.5. 6,478. 1.74 363.4
Rock........ 4,562. 3.42 501.4. 9,032. 2.35 683.7
Total....... 8,206. 3.12 822.9 15,510. 2.10 1047.
...
(1.0 g/t).. ...... ..... oz.s. ...... ..... oz.s.
Saprolite... 3,040. 3.13 306.2. 4,793. 2.08 320.5
Rock........ 4,368. 3.53 496.3. 7,838. 2.59 652.1
Total....... 7,408. 3.37 802.5 12,631. 2.40 972.6

(11)
Camp Caiman - Development Work
- Asarco did advanced scoping study on Caiman
- Envisaged mining oxides and sulphides
- Sulphides are refractory - probably not economic at current gold price
- Further metallurgical work required on sulphides
- AGC will concentrate on oxides initially
. Sulphide development at later date
- All environmental work already completed by Asarco

(12)
Camp Caiman - Potential
- AGC believes that there is significant potential to increase both oxide
. and sulphide potential at Caiman
- Strike extensions of both Scout and C-88 zones
- Only ~20% of BRGM soil anomoly in permit area has benn tested
- Similar geology to Scout and C-88 zones within permit area untested
. repeats highly likely
- In-fill drilling in both Scout and C-88 should increase resources

(13)
Camp Caiman - C-88 and Scout Zones
(map showing the two zones, and areas where similar may exist)

(14)
Camp Caiman - HGC Program
- In-fill drilling of existing zone to ioncrease resources (oxides) and
. bring resources to mineable reserves
- Test for extensions of existing orebodies:
:- C-88 to southeast along fold hinge
:- Scout zone to east and west - old workings to west
- Test other BRGM soil anomolies in permit area
- Test other structural equivalents of Scout zone in permit area
- Complete feasibility study on oxide resources

(15)
Camp Caiman - Development Plan
- In-fill and extension drilling on existing resources- target: 1 million oz.
- Permit exploration
- Estimated time: 6-8 months
- Budget: US$3 million
- Feasibility - early 2003
- Find additional oxide resources on other projects
. Changement and Ste-Marie can truck to Caiman

(16)
Other Permits
- SE French Guiana between Cayenne and Regina
- Good infrastructure- on main RN2 highway, with most prospects within
. 500m of road. Power line runs alongside properties.
- Permits cover area of 284 sq.km, along ~40km of strike
- Same geological setting as Camp Caiman
- Good availability of services - own camp + Cayenne & Regina
- 11 documnented gold prospects - 3 areas of old workings

(17)
HGC Permits
(Map showing locations of the other permits)

(18)
Permits - Details
- Contains a number of old workings and anomloies - not fully tested
- Changement - 32,000 oz. in 300m long x 30m deep pit,
. shear zone known to extend for 1.2 km
- Ste-Marie - 10,000 oz in quartz veins, several other mineralised zones
. to be tested
- Filon Dron - shear zone - Cogema 4-6 g/t over 6 m width for several
. hundred metres
- Carrefour Belizon - 500m long structure 4.4 g/t in deep augering at
. 100x25m spcaing - Asaarco say "Caiman lookalike"

(19)
Changement
(cross-section map of orebody: ore from surface, saprolite limit, etc)

(20)
Changement
(second map: from surface, showing N/S extension of mineralisation)

(21)
Ste-Marie
(cross-section map: showing potential open pit on hilltop)

(22)
Ste-Marie
(second map: from surface, showing loation within permit: slice missing?)

(23)
Other Permits
Gold in three settings:
1. Stratiform gold in conglomerate/debris flow
2. Vein gold - sub horizontal quartz tuormoline sulphide veins
3. Shear hosted gold in Paramaca?orapu contact

(24)
French Guiana - Financial Incentives & Development Financing
- French Guiana has unequalled incentives for development
- 10-yaer tax holiday
- Pons law financing:
:- Essentially laese of capital
:- Reduces capital cost to ~60% of total - spread over 5 years
- Fuel tax exemption
- EEC grant?

(25)
Camp Caiman Acquisition
- Acquired by HGC via purchase of Asarco Guyane Francaise
- Purchase price total US$16.44 million:
:- US$3 mn. on closing
:- US$3 mn. on 1st anniversary
:- US$2.17 mn. on 2nd anniversary
:- US$ 4.14 mn. on 4th anniversary
:- US $4.14 mn. on commnecement of commercial production
- HGC believes last two payments are effectively capital cost

(26)
Ariane Gold Structure
- Ariane IPO by way of:
:- a) Dividend to HGC shareholders: 1 for 100
:- b) Rights to HGC shareholders: 1 for 10
- Special Warrants issue - C$ 15 million (/0.70= 21.42 million shares)
- Special Warrant to satisfy French authorities of financial capability
- Prospectus after Special Warrant closing also used to TSE list Ariane

(27)
Ariane Dividend and Rights
- HGC shareholders will receive:
:- 1 sdhare in Ariane for every 100 shares in HGC
:- Right to purchase 1 share in Ariane for every 10 shares in HGC@C$0.70
- Special Warrant at C$0.70: Maximum 70 day hold from closing
. Compnay can extend to further 30 days by paying penalty of 1/2 warrant
. at C$1.00

(28)
Ariane Structure Post Financing
- Dividend creates 1.5 million shares
- Special Warrant creates 21.43 million shares
- Rights take-up, if:
:- 50 % : 7.50 million shares
:- 75 % :11.25 million shares
:- 100% :15.00 million shares
- On 100% take-up:
:- Shares outstanding: 29.43 Million
:- Cash Held......: C$ 25.5 Million

(29)
Camp Caiman - Potential Economics
- Oxide only: Caiman: 830,000 oz (2.7 g/t)
. ........... Other : 270,000 oz (4.0 g/t)
- Capital cost. : US $35 million
- Operating cost: US$165-175/oz. (incl. Pons payments)
- Production: 115,000 oz./year @ 4,000 tpd
- NPV: 5.0% : US$ 64 million, incl. acquisition cost
:- . : 7.5% : US$ 50 million
:- . : 10 % : US$ 38 million

(30)
Ariane Gold Upside Potential
- Shares undervalued based on current oxide potential
- Advance project thriugh feasibility
- Exploration success on oxides
- Success on sulphide development
- Exploration success on sulphides
- Exploration success on other permits
- Shortage of high quality development plays on market

[energyi] 20/9/2002 18:34

The Unofficial ARIANE Chatboard ... :
Bid from Cambior:
Each 2.91AGD= CBJ, so CBJ /2.91= example: $3.50/2.91=$1.20 $4.00:$1.37 $3.00:$1.03

Alternative CBJ Chart


Chart Family: Monthly.... /........ Weekly ........ / ........ Daily .........


.DAILY. Chart


Compare AGD with Cambior (brown line) and HUI Index:


IPO at: C$0.70 per share- potential 3-4 bagger. Started trading: 16 Sept. 2002
Just over 44 Million shares outstanding.
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Camp Caiman
The Camp Caiman project is an advanced stage exploration and development project, with current identified indicated resources of 822,868 ounces Au with a further inferred resource of 1,047,079 ounces Au. The project is located in eastern French Guiana, 60 km from the capital city Cayenne, and is accessible by paved road.

AGF completed over 39,000 metres of diamond drilling and 20,000 metres of RC drilling at Camp Caiman. To date, some US$ 14 million has been spent on exploration. Geostat International from Montreal was retained to independently calculate resources for Camp Caiman.

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GOLD from the Camp Caiman Project: Potential Economics
- Oxide only: Caiman: 830,000 oz (2.7 g/t)
. ........... Other : 270,000 oz (4.0 g/t)
- Capital cost. : US $35 million
- Operating cost: US$165-175/oz. (incl. Pons payments)
- Production: 115,000 oz./year @ 4,000 tpd
- NPV: 5.0% : US$ 64 million, incl. acquisition cost
:- . : 7.5% : US$ 50 million
:- . : 10 % : US$ 38 million

Camp Caiman - Resources
Cut-off:... Indicated Resorces Inferred Resources
........... Tonnes Grade Gold. Tonnes Grade Gold.
........... ...... ..... 000's ...... ..... 000's
(1.0 g/t).. ...... ..... oz.s. ...... ..... oz.s.
Saprolite... 3,040. 3.13 306.2. 4,793. 2.08 320.5
Rock........ 4,368. 3.53 496.3. 7,838. 2.59 652.1
Total....... 7,408. 3.37 802.5 12,631. 2.40 972.6
- - -
Ariane Structure Post Financing
:- Shares outstanding: 44.03 Million
:- Cash Held......: C$ 25.5 Million
:- Capital Cost...: C$ 35 Million??? to build mine, finance $10mn?
- - -
If Mkt.Cap goes to US$70 per oz./C$100, then: C$100mn Mkt.Cap.
= about 2.7 times the "current" C$37 million Mkt.Cap at C$0.84/ share

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Dundee Precious Metals Inc. (DPM.A, DPM.WT.A - TSX) ("Dundee Precious") ..holds an aggregate of 470,802 special warrants of Ariane Gold Corp. ("Ariane"), convertible into 470,802 common shares of Ariane, and 4,708,020 rights to purchase 4,708,020 common shares of Ariane at a price of $0.70 per share until August 29, 2002. These holdings represent a 10.7% interest in Ariane, assuming the exercise of all of the rights.
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Ratio: AGD/MAE ... Prices in C$
Week. .AGD. .MAE. Ratio ..HUI. Ratio
29.11 $0.68 $1.15 0.591 115.93 0.587
22.11 $---- $---- ----- 116.47 -----
15.11 $0.65 $1.26 0.516 122.90 0.529
08.11 $0.63 $1.23 0.512 121.74 0.517
01.11 $0.63 $1.19 0.529 115.53 0.545
25.10 $0.65 $1.10 0.591 108.84 0.597
18.10 $0.55 $1.25 0.440 113.89 0.482
11.10 $0.58 $1.30 0.446 112.68 0.515
04.10 $0.72 $1.47 0.490 119.43 0.603
27.09 $0.75 $1.56 0.481 125.34 0.598
20.09 $0.84 $1.57 0.535 131.82 0.637
16.09 $0.77 $1.41 0.546 135.00 0.570

RATIO Chart: AGD.to/Miramar (MNG: US quote):


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Montagnes Tortue and Maripa, French Guiana

The Montagnes Tortue and Maripa properties are located in the north-eastern part of French Guiana, an overseas territory of France, less than 100 kilometres from Cayenne, the capital city.

In early 1999, the Company entered into an agreement in principle with Cambior Inc., to acquire 50% of Cambior's interest in the Montagnes Tortue and Maripa properties located in French Guiana, in consideration for the Company's 15% interest in the Yaou and Dorlin properties also located in French Guiana and the incurring of exploration and development expenditures totalling US $1.5 million on the acquired properties over a two-year period.

A 913-metre mechanical trenching program was carried out in Zones 2 and 4 of the Montagnes Tortue property in 1999. This was followed by a 350-metre (6 hole) diamond drilling program in Zone 4. Results from the trenching program suggest the presence of a possibly continuous 2.1-kilometre mineralized zone.

At the Maripa property in 1999,a 756-metre (11 hole) drilling program was carried out on the GU 17 T Zone. Results obtained from the North Area (6 holes) averaged up to 2.31 g Au/t over a drilled width of 21.5 metres (using a 0.5 g Au/t cutoff).

In February 2001, Hope Bay Gold consolidated and increased its land position in French Guiana through the acquisition of CBJ-France S.A.R.L., which owns the Montagnes Tortue exploration permit and is party to an agreement allowing it to acquire a 75% interest in several exploration permits, including the Maripa property. In exchange, the Company ceded its Abitibi (Northwestern Québec) property assets to Cambior Inc. This transaction gives Hope Bay Gold increased control over the Montagnes Tortue and Maripa properties as well as additional interests in the vicinity, adding up to control of a gold belt of over 40 kilometres of strike length. The Company is applying the same business and exploration strategy as at Hope Bay, and is very optimistic about the mineral potential of this easily accessible area of French Guiana

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LINKS:
Ariane Gold Site (under construction):
Interview: J.Crombie:
Long Form Prospectus:
Historical AGD price data:
- - -
Stockhouse BB's:
AGD:
MAE:
Map of French Guiana:
Guiana Fact Briefing:
Hope Bay Gold website:
Tortue from HBG site:
Mineral Industry in French Guiana:
Nvest Messages on Ariane:
Google Search:
Infomine Page:
Miramar BB on Stockhouse:
Miramar BB on Silicon Investor: