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Gold/Mining/Energy : Royal Oak-RYO

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To: Al Cern who wrote (1196)	8/17/1998 2:50:00 AM
From: Michael Bidder	of 1706

I couldn't agree with you more. Anyone who thinks you are a professional needs more help than you do.>>> Thank you Al. Some people will use professionalism to mislead. I don't have that worry. As per RYO .22%CUx82%recovery=3.96lbs./ton .016oz./ton aux78%recovery=.0125oz./ton Copper: 3.96lbs/ton x 0.80$/lb = 3.168$/ton Gold: .0125oz/ton x 285$/oz = 3.562$/ton Total Rev/ton = Gold + Copper = $6.73/ton ============================================= Debt Cost/ton = $3,000,000 month/1,500,000tons/month = $2.0 ton ================================================================ I can't find Royal's figure for cash cost/ton. I think it was aproxamatly $7.00 /ton. Assuming $7.00 cc/ton + $2.00 debt cost/ton = $9.0 total cost/ton. $7.0 Rev/ton - $9.0 total cost/ton = -$2.00 ton. ================================================ This implies that the Kemess operation is losing $100,000/day or $3 Million/month. If this is true then my original speculations about the Kemess project were correct. Note: I have little confidence in the $7.00 Cash Cost/ton number. It is an estimate. MB

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