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

To: Daniel Chisholm who wrote (1657)	3/29/1999 8:21:00 PM
From: robar	Respond to of 1706

Very good analysis! I bet your number is close +/- 20%

To: Daniel Chisholm who wrote (1657)	3/29/1999 9:18:00 PM
From: Michael Bidder	Read Replies (1) \| Respond to of 1706

Daniel I don't understand. Isn't Trilon going to receive 100 cents on the dollar? Trilon's $120M (US) senior. $175M (US) at 25 cents on the dollar is $43.75M (US). I see just enough equity in Kemess to cover Trilon and nothing but environmental liabilities for the rest. BTW, I think Trilon must be beginning to sweat. With Kemess losing money and Trilon in the operators seat their losses on this property are proportional to the length of time they choose to keep it open. Michael Bidder.