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Gold/Mining/Energy : Royal Oak-RYO

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To: Gabe Heti who wrote (1422)	10/1/1998 2:37:00 PM
From: Michael Bidder	Read Replies (1) of 1706

Gabe, Royal Oak is highly leveraged to the price of gold. It was for this very reason that I hold such a small short position.(Most of my shorting is done on Nasdaq). Nothing at all within the company has changed. The losses are just as staggering as previous. Royal will still be unable to meet her loan commitments. Remember my contention is that Kemess is uneconomic at $350 gold and $1 copper. Michael Bidder

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