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Gold/Mining/Energy : Royal Oak-RYO

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To: Karen E Hoof who wrote (486)	11/17/1997 5:54:00 PM
From: roger fontaine	of 1706

Royal Oak Mines Inc. (RYO:TSE, AMEX) announced that it is taking steps to ensure that its current mines operate profitably in the current weak gold price environment. The company has reviewed the viability of its Timmins and Giant mining operations and plans to mine only those areas that are economic at a gold price below US $300 per ounce. Furthermore, as part of its cost-cutting measures, Royal Oak plans to reduce employment levels company-wide in order to further decrease expenses and cash requirements. Royal Oak's budgeted gold production and estimated cash costs on a company-wide basis for the next three years are US $332 per ounce for 340,000 oz in 1997, US $200 per ounce for 340,000 oz in 1998 and US $174 per ounce for 480,000 oz in 1999.

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