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Gold/Mining/Energy : Royal Oak-RYO

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To: Martin Bublitz who wrote (741)	3/17/1998 7:39:00 PM
From: roger fontaine	Read Replies (1) of 1706

More bad news for RYO.I for one admit the future for RYO is uncertain at best.I will however keep my shares and hope M.W. comes threw for us. KIRKLAND, Wash.--(BUSINESS WIRE)--March 17, 1998--Royal Oak Mines Inc. (AMEX:RYO - news; TSE:RYO. - news; AMEX:RYO - news) Royal Oak Mines Inc. (TSE and AMEX:RYO - news) announced today that it has notified the holders of its Senior Secured Debentures that the Company has exceeded the amount of trade payables over 90 days allowed under the covenants in the Senior Secured Debentures resulting in a technical default of this covenant. The provisions of the indentures allow a 20-day ''cure period'' to enable the Company to remedy this default. Last night the Company's mechanical contractor terminated work at the Kemess project as a result of non-payment with approximately 3-4 weeks of work left for mechanical completion. The project is currently 92 percent complete. In conjunction with its financial advisors, the Company is evaluating a number of alternatives to fund the completion of construction of the Kemess Mine and to determine the best course of action to remedy the default. The Company is currently holding discussions with a number of interested parties.

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