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Gold/Mining/Energy : Royal Oak-RYO
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To: Thomas P. Talbot who wrote (1484)11/22/1998 12:20:00 PM
From: Al Cern  Read Replies (1) of 1706
 
Tom,

The numbers you got from the company are pretty much in line with what they promised, except the head grade, which appears to be in the neighborhood of .022 ozs./ton. With an average published grade of .016 ozs./ton, this implies high grading. At this head grade net revenues of approximately $42 million don't cover interest expense and this problem will be magnified when they have to mill the lower grades.

Sincerely,

Al Cern
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