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

To: JCgold3 who wrote (718)	3/15/1998 5:28:00 PM
From: David R. Schaller	Read Replies (2) \| Respond to of 1706

JCgold3, 1997 82,182 oz @ $395us 1998 60,000 oz @ $416us 1999 110,000 oz @ $432us 2000 60,000 oz @ $445us They also had call & put positions & had even hedged currency & petroleum (apparently for running generators) These figures were for 1996 end of year & as everyone is aware any or all of these positions could be completely different today. Anyone who has been following RYO for any length of time is aware that they maintained one of the most aggressive & till recently successful hedging programs in the industry. (as you might expect considering the operating margins that were characteristic of the type of mines they were operating.) They never had much room for error. Regards, Dave