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

To: Michael Bidder who wrote (1226)	8/25/1998 12:10:00 AM
From: Mike G	Read Replies (4) \| Respond to of 1706

Michael - here is a public statement Substantial inaccuracies in Bloomberg news article Royal Oak Mines Inc RYO Shares issued 140,865,079 Aug 24 close $0.83 Mon 24 Aug 98 News Release Mr. J. Graham Eacott reports Certain statements on the Bloomberg Financial News on Aug. 24,1998 in connection with rescheduling Royal Oak's debt are inaccurate and are not attributable to the company. The Bloomberg news item was not a press release from Royal Oak as implied by stating in the introduction: Kirkland, Washington, August 24, but was a Bloomberg news story by one of its reporters. Contrary to the statements made by Bloomberg, Royal Oak has no plans to ask bondholders to revamp the terms of its debt. Furthermore, Royal Oak is not preparing to ask for a formal debt restructuring. Royal Oak reiterates statements made in both its 10-Q filing and in a press release in Stockwatch Aug. 17, 1998, that the company is working with its financial advisers in seeking a long-term refinancing alternative. Royal Oak is disappointed in the inaccuracies in the Bloomberg news story and the potential negative impact on the company. Royal Oak will hold Bloomberg responsible for any damage to the company and in the trading of its securities that might result from inaccurate reporting.