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
October 21, 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 October 21, 1997, the Registrant issued the following press release:
[Royal Oak Mines Inc. Press Release Letterhead]
FOR IMMEDIATE RELEASE FROM KIRKLAND
October 21, 1997
Royal Oak Believes Recent Reports Undervalue Kemess Project
Royal Oak Mines Inc. (TSE and AMEX: RYO) noted today that its 100%-owned
Kemess project is within six months of producing an additional 250,000 ounces
of gold per year to the Company's total gold production. As previously
disclosed, Royal Oak estimates the cash cost of the Kemess project to be
approximately US$79 per ounce of gold (copper is credited against operating
costs at US$1.00 per pound).
Royal Oak calculates the net asset value of its Kemess project to be
approximately C$836 million assuming a gold price of US$335 per ounce. This
valuation does not ascribe any value to the Company's other operating mines
and exploration properties. Royal Oak has approximately 140 million shares
issued and outstanding. The current share price reflects a discount of
approximately 46% to the net asset value of the Company's Kemess project
alone, without ascribing any value to other assets.
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 15 St. Helen's Place, 3rd Floor
Kirkland, WA 98033-7314 London, England EC3A 6DE
Telephone: (425) 822-8992 Telephone: 011-44-171-628-3989
Facsimile: (425) 822-3552 Facsimile: 011-44-171-920-0563
Internet site: http://www.royal-oak-mines.com
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: October 21, 1997 By: /s/ James H. Wood
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James H. Wood
Chief Financial Officer
