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Gold/Mining/Energy : Royal Oak-RYO

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To: Michael Bidder who wrote (598)	12/19/1997 7:26:00 AM
From: Thomas P. Talbot	Read Replies (1) of 1706

I base my information on research, news and company information. What more can one do no one has a crystal ball. However, I do apologize for stating the new debt is unsecured. There were two Dow Jones headlines yesterday AM one stating the debt was unsecured the other that it was secured. I believe the latter to reflect the actual status. MIKE'S 360 PER OZ STATEMENTS ADDRESSED Mike I did note your earlier post wherein you stated the cost of Kemess would be 360 per oz of gold based on the low grade status of the mine. You are in the ball park as the Co. gave me a 320 cost. However, the by product credit brings their figure to 133 and would bring your figure to 173 at current copper prices. Happily there is also a trace of silver. Both figures would provide positive cash flow. So you were right but did not provide all the info. BTW the by-product credit is the way more than half of the so called "low Cost" mines operate as their gold is not especially "low cost" and it is the benefit of the by-product credit, as with Kemess, which allows for the "low cost" status to be achieved.

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