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Gold/Mining/Energy : Royal Oak-RYO

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To: Thomas P. Talbot who wrote (1490)	11/23/1998 6:36:00 PM
From: Al Cern	Read Replies (1) of 1706

Tom, I can't come up with anything that makes sense from a financial perspective. A long time ago, or so it seems, I said that $400 gold wasn't enough for this co., and when I do some very simple arithmetic, with what are presented as the company's actual production statistics, I don't come up with a different answer now. They simply can't produce enough gold (because of the lousy grades) to pay off the debt that was required to build this monster. $300 gold will put them away mercifully, $400 gold will prolong the pain for no real gain. I'll take a 1500tpd operation, milling .33oz./ton at a cash cost of $200/oz. anyday over this baby. Sincerely, Al Cern

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