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Gold/Mining/Energy : Royal Oak-RYO
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To: Bill Jackson who wrote (1374)9/27/1998 9:57:00 AM
From: Al Cern  Read Replies (2) of 1706
 
Bill,

I had a chance to get an update on RYO from a friend who is relatively up to date on the goings on. As far as Kemess goes, he said there is no positive cash flow from the operation. Recoveries are well below the estimates that we have been using, and that a negligible amount of concentrate has been shipped. The debentures are trading at $0.50 to the dollar. I cannot personally confirm the statements (other than the bond price), but I wouldn't bet against his comments. The lack of info, from the co. is a good indicator that all is not well.

Sincerely,

Al Cern
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