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Gold/Mining/Energy : Royal Oak-RYO

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To: roger fontaine who wrote (527)	12/6/1997 10:55:00 AM
From: Thomas P. Talbot	Read Replies (1) of 1706

Graham Eacott stated that the issue of financing was basically of no concern as it was going to happen somehow but he thought the private placement would be completed in two weeks. I have always asked about the estimates on the costs at Kemess and they refer to independent analysis. As to previous companies not undertaking Kemess I was told it was because of the remoteness and cost of developing infrastructure which dissuaded past efforts. Apparently the 160 million from the govt is what made the project doable. The previous parties with an interest had no such free money available. Re Gold price and CBs: Is gold falling because of high demand for loans from producers and speculators or are tha CBs trying to drive the price down. Where does it stop and how about all this and the rising silver price. If Royal Oak sold everything and paid off the creditors how much would realistically be left for shareholders. Just a worst case scenario thought. Or if there were a default would someone come in and takeover/ is that realistic in this market? I have never seen a market as bleak as this. It almost seems hopeless.

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