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

To: bill718 who wrote (1017)	6/24/1998 1:59:00 PM
From: Joe King	Read Replies (1) \| Respond to of 1706

Royal Oak Closes Senior Secured Financing KIRKLAND, WASHINGTON--(BUSINESS WIRE)--June 24, 1998-- Royal Oak Mines Inc. (AMEX:RYO - news; TSE:RYO. - news; AMEX:RYO - news) Royal Oak Mines Inc. (TSE and AMEX: RYO - news) announced today that it has closed the previously announced US$120 million financing in the form of Senior Secured Notes arranged by Trilon Financial Corporation of Toronto. Funds will be dispersed to the majority of the Company's trade creditors immediately. Royal Oak commenced production on the 'A' line of the Kemess mill on May 19 and started feeding ore to the 'B' line on June 14, a few days ahead of schedule. Commissioning and operations are proceeding as planned and concentrate is being shipped from site. Royal Oak plans to hold a conference call on Wednesday, July 8, 1998 at 2:30 p.m. Toronto time (11:30 a.m. Pacific time) to present an update on the status of operations at Kemess. Analysts, investors and the media are invited to call (416) 620-8863 (quoting reservation No. 933641) approximately five minutes beforehand. A replay of the conference call will be available one hour after the call ends and can be accessed by dialing (416) 626-4100 (using reservation No. 933641) until midnight Friday, July 10, 1998.