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

To: Michael Bidder who wrote (1165)	8/6/1998 1:15:00 PM
From: tom shelby	Respond to of 1706

Michael "Voodoo Accounting"-The income was reported by Royal Oak. This is a fact. Non payment of bills affects cash and accounts payable not income. You might not like this fact because it does not fit into your preconcieved notion what you would like to see (ie bankruptcy) but it is still a fact. I recognize your opinion that Royal Oaks financial statements might not be reliable and should be carefully reviewed. I agree. "Royal Oak by her own admission is losing money at Kemess" I could not find this fact anywhere. Please post a reference or note that this is your opinion. Projections by Royal Oak and by third party independent experts have all concluded that Kemess can make money. Those projections are all someone else's opinions. They could be wrong or they could be right. IMO there are significant risks in owning Royal Oak such as: lower gold prices, too much debt or negative operating conditions at Kemess. Good luck to all