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Gold/Mining/Energy : Royal Oak-RYO

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To: Madharry who wrote (529)	12/6/1997 1:26:00 PM
From: Thomas P. Talbot	Read Replies (1) of 1706

If book value is 2 bucks per share and the value of Kemess is say 3 bucks per share and the value of everything else sells for a buck thats four bucks minus the buck a share of debt leaves two or three bucks for shareholders. Seems to me the company would be worth more in liquidation than what the mkt currently values it at. Kemess as a low cost property plus the other potential low cost properties the company has seems to me to be just the type of asset that would be in demand given the stress on low cost production. I fail to see how shs would be completely wiped out. Tell me how my numbers in principle dont add up.

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