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Gold/Mining/Energy : Royal Oak-RYO
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To: Al Cern who wrote (587)12/18/1997 9:17:00 AM
From: Al Cern  Read Replies (1) of 1706
 
Funding for completion of Kemess project

Royal Oak Mines Inc RYO
Shares issued 140,795,079 Dec 17 close $2.01
Thu 18 Dec 97 News Release
Mr J. Graham Eacott reports
Royal Oak Mines has executed commitment letters with a group of
institutions which have committed to purchase US$45 million of senior
secured notes to be issued by the company. The purchase of these notes is
conditional, amongst other things, to satisfactory documentation and
completion of due diligence. The transaction is expected to close before
the end of the year.
The funds from the closing of this transaction will be used to complete the
company's Kemess project and provide sufficient working capital for the
start-up of the project as well as continued debt service.
Construction of the Kemess gold-copper mine, mill and associated
infrastructure facilities is approximately 82% complete. Approximately
C$422 million of the capital cost of C$430 million has been committed to
purchase orders for equipment and construction contracts. The company has
already received C$130 million from the government of BC, which is current
in its payments.
Average annual production at Kemess over the 16 year mine life is forecast
at approximately 250,000 ounces of gold at an estimated cash cost in
current dollars of US$79 per ounce after copper credits at US$1.00 per
pound.
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