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Gold/Mining/Energy : Royal Oak-RYO
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To: Al Cern who wrote (1435)10/9/1998 12:30:00 PM
From: Michael Bidder  Read Replies (1) of 1706
 
I think that's the 500 million dollar question Al.

Royal Oak Mines Inc RYO
Shares issued 140,865,079 Oct 8 close $1.10
Fri 9 Oct 98 In the News
The Financial Post reports in a Bloomberg dispatch in its Friday edition that Royal Oak Mines probably will refinance a $120-million (U.S.) short-term loan now that its Kemess mine in British Columbia has begun commercial production, according to chief executive Margaret Witte. She also says the company will not meet 1998 production projections because of the three-month delay in getting the loan arranged. In June, Royal Oak received the two-year loan from Trilon Financial of Toronto to pay creditors owed for construction of the gold and copper mine on which the company has pinned its survival. The mine began operating in May. Royal Oak agreed to the two-year because it was the only loan that was out there, according to Ms. Witte. It should now be possible to replace it with long-term financing sicne mines with actual production are more acceptable to lenders. Kemess is expected to produce about 100,000 ounces of gold in 1998 and about 240,000 ounces in 1999. Its cash costs will be about $130 (U.S.) an ounce.
(c) Copyright 1998 Canjex Publishing Ltd.
canada-stockwatch.com

I am surprised.

Michael Bidder
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