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Gold/Mining/Energy : Royal Oak-RYO

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To: Al Cern who wrote (859)	3/28/1998 11:33:00 PM
From: JCgold3	Read Replies (1) of 1706

Based on what Peggy said at the conference call last week, her primary objective is to restructure all RYO debt. She stated that she probably would not have enough time to accomplish this in the time she had available to her, based on RYO's then current financial situation, and therefore she would probably have to get short term financing within the next 2-3 weeks to give her the necessary time to line up a total restructured debt package. I'm assuming that what we saw this past week thru Trilon is the short term fix and now she will go after the total debt restructuring she focused on in her conference call. In support of this theory are the details of the Trilon deal which won't make RYO a sure thing without Kemess numbers meeting expectations and the price of gold and copper increasing from their current quotes. Did others who listened to the conference call hear the same words and thus believe last week's announcement was only phase 1 of a multi- phased plan by Peggy? I never underestimate her and she did appear to have a couple of options open to her and still selected the onerous Trilon arrangement. Comments?

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