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

To: Elizabeth Andrews who wrote (1102)	7/24/1998 12:16:00 PM
From: Michael Bidder	Respond to of 1706

Trillon I would have structured the deal in such a manner that Royal Oak would likely default. That way they get Kemess for $120 million. Trillon is gambling that Kemess can be economic now or at some future time. I wouldn't have taken that gamble. If I owned Trilon stock I would sell it as well. MB

To: Elizabeth Andrews who wrote (1102)	7/24/1998 7:11:00 PM
From: bill718	Read Replies (1) \| Respond to of 1706

Kemess concentrates meet specifications for pre-payment Royal Oak Mines Inc RYO Shares issued 140,795,079 Jul 23 close $1.00 Fri 24 Jul 98 News Release Mr. J. Graham Eacott reports Concentrates from Royal Oak's newly opened Kemess mine are meeting all the assay specifications set out in the company's concentrate purchase agreement and the concentrates being shipped from the mine site meet the moisture content necessary for transporting safely on ocean-going vessels. As a result of meeting specifications, the company has received the $5-million (U.S.) pre-pay from Glencore Ltd. and Glencore has commenced purchasing concentrates on a regular basis. Concentrates are being shipped from the site via rail to Vancouver Wharves where they will be loaded on ocean-going vessels for delivery to various smelters. Start-up at the Kemess mine has progressed well and the company has achieved many days with through-put over design capacity of 53,000 tons per day.