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Gold/Mining/Energy : Royal Oak-RYO

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To: Al Cern who wrote (864)	3/29/1998 11:17:00 AM
From: Thomas P. Talbot	Read Replies (1) of 1706

There will be $ from the other mines plus forward selling. The money also could come from the sale of one of the other mines which could bring in 60 million. Further the value of Kemess is over 120 million so any refi is secure regardless of performance. 400 gold would increase cash flow by 75 cents per share 90million$/138 million shares(just on Kemess, do the numbers) putting the company in an extremely strong position. Further all the other properties would increase dramatically in value. The value of the co right now is approx 1.66 times the debt.

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