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

To: Bill Jackson who wrote (724)	3/15/1998 5:48:00 PM
From: David R. Schaller	Read Replies (2) \| Respond to of 1706

Bill, it didn't see it in the annual report. Don't have time to go through all the news releases. I actually remember an even higher hedged position in earlier years. My guess is that they figured Kemess would be coming in with comparitively lower cost goods & they could take their chances with POG. May have been a big mistake. It seems they also announced a refining contract for copper concentrate some months ago with no details as to price or quantity. That contract could also be important in the months to come. Looking forward to an interesting week. Dave