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Gold/Mining/Energy : Royal Oak-RYO

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To: Michael Bidder who wrote (569)	12/15/1997 9:46:00 PM
From: Madharry	Read Replies (3) of 1706

The only thing clear from your comment is that you are short. You have recited vague comments aboiut environmental liabilities, as for the losses the only thing that matters here is cash flow. shutting down a mine and restating reserves costs no cash! Based on your self- serving, incorrect understanding of losses and bankruptcy, it is difficult to accept your conclusion with no analysis of Kenness, at $360 cost per ounce when the company indicates the it wil be below $100 . This is not to say that you are wrong about this but so far you haven't shown yourself to be a very thorough analyst. But I hope you have the courage of your convictions and stay short while gold gets to $330. I hope to be able to check back with you at that time!

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