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Gold/Mining/Energy : Royal Oak-RYO

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To: tom shelby who wrote (1164)	8/6/1998 11:58:00 AM
From: Michael Bidder	Read Replies (1) of 1706

Tom How do you get a net income of $2 + million? This was "voodo accounting". Royal did not pay her short term debts in this period. I am not an accountant but I do know that if you push forward losses then you have to pay the piper in a future accounting period. Royal Oak by her own admission is losing money at Kemess. If this is not so let the company correct this. Bottom line is no one trust Royal Oaks statements anymore. RYO's credibility is gone. Royal Oak has repeatedly blown sunshine at its investors to the point of misinformation and the investors got screwed! Only Kemess remains as the companies hope. This operation should have never been built. You just can't put machinery anywhere and call it a mine! The cover of Pegasus's 1996 annual report is very impressive. This annual report sold millions of shares to the naive. These are the people that belive that big is real. Well the Titanic sunk on her Maiden voyage. Mistakes are made. No one is pointing the finger, except at the B.C. government, all I expect is Royal Oak to come clean and tell the share holders the risks. What are the risks? What is the shareholders equity? Michael Bidder

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