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Gold/Mining/Energy : Royal Oak-RYO

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To: Michael Bidder who wrote (558)	12/11/1997 12:10:00 PM
From: roger fontaine	Read Replies (2) of 1706

Michael:I agree all unfeasible mines should be closed for the time being till gold recouperates.Ryo can not afford,at this time, to take any loss till Kemess is in the production phase.I am confident that RYO will recieve the necessary financing to complete Kemess.Whoever stated that they do have it at this time is pure conjecture on their part.RYO would like nothing better than to annouce that they have the necessary funding to complete the project.RYO is taking a lot of heat right now from shareholders,so any FINAL news of financing would be put on the wires immediately.As suspected there is some profit taking this morning so far. P.S.You posted inaccurate facts about RYO also regarding the cost per oz. of gold at Kemess.My question to you is, did you do your math before posting your comments.If RYO figures are correct regaring grade,milling,mining and smelter costs then the price per oz. is appr. $189/oz.I restate that IF their figures are correct.For now, we have to assume they are,there is no way of saying otherwise till production starts.

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