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Gold/Mining/Energy : Royal Oak-RYO

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To: Al Cern who wrote (954)	4/26/1998 9:09:00 AM
From: Thomas P. Talbot	Read Replies (1) of 1706

If Kemess is anywhere near as predicted which, given all the studies and tests by engineers we have to believe is true, then there will be positive cash flow. Further, even if current operating revenues barely cover all cash and non-cash costs then, why not just forward sell to bring some future revenues into the current period to cover any short fall. I believe Peggy mentioned this in the conference call and the revenues could, according to her, be quite substantial. I believe RYO has no forward positions on the books (except some options) so they have plenty of room to maneuver in this venue.

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