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Gold/Mining/Energy : Royal Oak-RYO

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To: CLK who wrote (1664)	4/12/1999 1:46:00 PM
From: Al Cern	Read Replies (2) of 1706

Noone has first dibs on Kemess. It will be auctioned to the highest bidder. Trilon will most likely bid what it is owed or more, if they believe that they can resell it for a higher price. If anyone tries to tell you anything else they are wrong. Unless the recoveries can be increased to the projected numbers the whole thing is worth zero. As far as Kemess goes the original estimates were $6/ton cash production costs. Using the expected recoveries of(.018 oz.s/ton of au at 75%,.22% cu at 82%) and prices of($280au, $0.625cu) you get $6.26 net smelter revenue. This is the best case scenario so you can imagine what the numbers are like at 50% recoveries. By the way have you heard anything about the ORI/TYG/BYG saga? Sincerely, Al Cern

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