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

To: Thomas P. Talbot who wrote (1484)11/20/1998 8:07:00 PM
From: Elizabeth Andrews  Read Replies (1) | Respond to of 1706
 
The hedging loss....was it from currencies? What about the smelter contract liability on the balance sheet? What's that about?



To: Thomas P. Talbot who wrote (1484)11/22/1998 12:20:00 PM
From: Al Cern  Read Replies (1) | Respond to of 1706
 
Tom,

The numbers you got from the company are pretty much in line with what they promised, except the head grade, which appears to be in the neighborhood of .022 ozs./ton. With an average published grade of .016 ozs./ton, this implies high grading. At this head grade net revenues of approximately $42 million don't cover interest expense and this problem will be magnified when they have to mill the lower grades.

Sincerely,

Al Cern


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