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Gold/Mining/Energy : Royal Oak-RYO
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To: Michael Bidder who wrote (575)12/16/1997 4:34:00 AM
From: Al Cern  Read Replies (2) of 1706
 
Michael,

There is no hedging beyond 1997.

Also your numbers re: production costs are probably closer than the estimates given by RYO. With those grades ther is no way they will achieve that kind of costs. Look at the numbers (grades) for Franco Nevada's new Ken Snyder mine and that's what gets you a $78/oz. producer. I know this is a simplistic analysis, and that a lot of other factors are involved, but grades are a really, really important starting point.

Sincerely

Al Cern
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