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Gold/Mining/Energy : Royal Oak-RYO

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To: Michael Bidder who wrote (952)	4/25/1998 11:16:00 PM
From: mineman	of 1706

Net Smelter value = $7.80/ton (at .018 oz/t gold, and .22% Cu, at $310/oz gold and $.85 copper) Costs according to Royal Oak own figures = $6.00/ton (before taxes and capital payback). So profit at 50,000 tons/day = $80,000/day = $29 million/year (before taxes and capital payback). As the payback of interest and principle will be over $30 million/year, Kemess will lose at least $1 million/year at $310/oz gold and $.85/pound copper. This same equation would need to be redone for gold at $325/oz. When it reaches that level I will post the equation.

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