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Gold/Mining/Energy : Royal Oak-RYO

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To: JCgold3 who wrote (710)	3/15/1998 1:47:00 AM
From: Michael Bidder	Read Replies (1) of 1706

I think the bondholders will take it. Just assume with me that the project economics as explained by RYO are incorrect. It follows that no one will JV with Royal Oak. Therefor the deal that RYO struck with the 45 million bondholders was basically the sale of Kemess (a commodity play on the price of gold). In my opinion Royal Oak's model of the economics of Kemess was contrived to facilitate the financing of the project rather than reflect the true economics of this .5 gm/ton deposit. (See Pegasus and Mount Todd) I also believe that the 45 million raised recently was known to be insufficient by management. I do not believe 30 million more will do it. It's an issue of credibility and fiscal integrity. -Michael

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