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Gold/Mining/Energy : Royal Oak-RYO -- Ignore unavailable to you. Want to Upgrade?

To: Al Cern who wrote (577)	12/16/1997 4:43:00 AM
From: Michael Bidder	Read Replies (1) \| Respond to of 1706

Thanks Al My mining experiance is limited but my business exeriance is not. There is going to have to be a lot of explaining to do for the Government of B.C. 200 million and Royal is asking for more ! In the meantime, every day that goes by the company continues to lose money and the company fails to deliver the goods the more confident I become that my investment will increase in value. I really don't care about short-term volatility. As long as the fundamentals keep deteriorating, I simply regard any upticks or short squeezes as an opportunity to short more. (Borrowed from Bill Wexler Zonagen post #1005) I take this position because I wish to make money. I have absolutly no hard feelings towards Royal Oak which provided meny jobs to individuals and families.

To: Al Cern who wrote (577)	7/15/1998 2:08:00 PM
From: Michael Bidder	Respond to of 1706

Al Cern was very right!! To: +Michael Bidder (575 ) From: +Al Cern Tuesday, Dec 16 1997 4:34AM ET Reply # of 1053 Michael, There is no hedging beyond 1997. Also your numbers re: production costs are probably closer than the estimates given by RYO. With those grades ther is no way they will achieve that kind of costs. Look at the numbers (grades) for Franco Nevada's new Ken Snyder mine and that's what gets you a $78/oz. producer. I know this is a simplistic analysis, and that a lot of other factors are involved, but grades are a really, really important starting point. Sincerely Al Cern>>>>...Was very right! Michael Bidder