SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
May 29, 1997
ROYAL OAK MINES INC.
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(Exact name of registrant as specified in its charter)
Commission File Number 1-4350
ONTARIO, CANADA 98-0160821
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(State or other jurisdiction of (I.R.S. Employer Identification
incorporation or organization) No.)
c/o Royal Oak Mines (USA) Inc.
5501 Lakeview Drive
Kirkland, Washington
U.S.A. 98033
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(Address of principal executive offices) (Postal/Zip Code)
(425) 822-8992
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Registrant's telephone number, including
area code
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Item 5. Other Events
On May 29, 1997, the Registrant issued the following press release:
[Royal Oak Mines Inc. Press Release Letterhead]
FOR IMMEDIATE RELEASE FROM KIRKLAND
May 29, 1997
Royal Oak Plans for Write Down of Colomac Assets in Second Quarter
Royal Oak Mines Inc. (TSE and AMEX: RYO) announced today that in view of the
current weak gold price and the diminishing ore reserves at its Colomac Mine
in the Northwest Territories, the Company plans to make a pre-tax C$30 million
provision to write down the Colomac assets in its second quarter financial
statements ending June 30, 1997.
At year-end 1996, mineable ore reserves at Colomac, including the Cass
property, were 260,000 ounces of gold contained in 5,292,000 tons assaying
0.049 ounces of gold per ton. Production at the Colomac Mine in 1996 was
122,416 ounces of gold.
The viability of the Colomac Mine will continue to be assessed for the
remainder of this year as production continues. The Company is carrying out
an exploration program at Colomac to investigate the potential for underground
mining when ore reserves at the open pit are depleted. A 15-hole winter
exploration program totalling approximately 20,000 feet has returned best
intersections of 0.267 ounces of gold per ton over 132 feet, and 0.292 ounces
per ton over 15.2 feet.
For further information contact: or in Europe contact:
Mr. J. Graham Eacott Mr. David Williamson
Vice President, Investor Relations David Williamson Associates Limited
Royal Oak Mines International Investor Relations
5501 Lakeview Drive 78 Old Broad Street, 2nd Floor
Kirkland, WA 98033 London, England EC2M 1QP
Telephone: (425) 822-8992 Telephone: 011-44-171-628-3989
Facsimile: (425) 822-3552 Facsimile: 011-44-171-920-0563
SIGNATURE
Pursuant to the requirements of Section 12 of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
ROYAL OAK MINES INC.
Date: May 29, 1997 By: /s/ James H. Wood
James H. Wood
Chief Financial Officer
