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

To: Michael Bidder who wrote (1178)	8/13/1998 12:03:00 PM
From: tom shelby	Read Replies (1) \| Respond to of 1706

Michael-re disclaimer You have done a service to the readers of this forum in pointing out risks of investing in Royal Oak. I responded to some of your posts to point out some inaccuracies (imo) of your statement. In my response I wanted try for a balance of comments (negative and positive). In acknowledging that the Royal Oak made money in the past and is projected to make money at Kemess I also wanted to point out that Kemess still has risk. I disagree with your label of a disclaimer but perhaps others will view it as that. Thank you for your clarification on "vodoo accounting". Since March 31st was only the first quarter will you rely on the information shown for the second quarter if it shows a profit or only if it shows a loss? I hope that your comment that certain people "know" that Kemess will not work is incorrect. Can you elaborate on this comment? Do you know that the project is being misrepresented? Or do you simply disagree with some of the variables, such a gold/copper recoverability, used on the project? I sincerely doubt that Royal Oak's own numbers show that Kemess losses money. If this were true the project would not have been financed. I am guessing that you took Royal Oak's numbers and then used lower recovery numbers for gold and silver. Using this approach of decreasing gross income any project can be shown to be unprofitable. Is that approach fair? reasonable? Unfortunately I do not know how to search for prior posts months past. I hope you find it. Please bear in mind I asked where Royal Oak admitted that Kemess is losing money not where you stated it in a prior post. Thank you for your insights and comments on Royal Oak. I look forward to your responses.