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

To: Daniel Chisholm who wrote (1670)	4/16/1999 4:02:00 PM
From: Al Cern	Read Replies (2) \| Respond to of 1706

Daniel, This URL below is the latest in the press. You will note that PW's valuation is under seal. Personally I think that Trilon will be lucky to gets its principal and accumulated interest back. Why anybody would pay more than salvage value in this low price environment is beyond me, not to mention the fact that the operation has not been able to come close to the projected costs. The value of Giant is in the negastive $100's of millions and the Pamour/Nighthawk operation is low grade, high cost and ancient. Given that there are apparently about another $50m worth of debts that rank before the subs it sure seems to me that it will be hard for them to get anything. I know it is now hindsight, but I did say more than a year ago that the subs should have closed the operation down then, rather than allowing the Trilon debt ahead of them. I think they would of got more then than they will now. I'm not sure when RYO's last day on the TSE300 is, but it will be followed shortly by its last days on the TSE. canoe.ca Sincerely, Al Cern