Doug Ashbury
Northern News Services

NNSL (Apr 02/99) - Royal Oak Mines continues to keep the ravens at bay.

Yesterday, an Ontario court judge extended Royal Oak's creditor protection to Friday, April 9.

Royal Oak has been scraping by since Feb. 15 when it gained protection under the Companies' Creditors Arrangement Act.

Between now and April 9, Royal will have $1.6 million to keep operating. The money comes from creditors other than Trilon Financial, which has extended emergency funding to Royal Oak in the past.

Trilon president George Myhal was not available for comment, but the National Post reported today that Trilon, owed millions of dollars by Royal Oak, wants the mining company put in receivership.

"Royal Oak will be back in court April 9. If everything is OK, there will be a hearing on the 15 (of April) when the monitor (PricewaterhouseCoopers) will have a report," Pat Howe, a spokesperson for Royal Oak, said.

Howe said "more time" is not expected to be discussed on April 15.

That means on April 15, Royal Oak will emerge with a financial plan to keep the troubled company going or be put into receivership.

Royal Oak shares traded as low as nine cents on the TSE yesterday. The company's stock closed out the day at an abysmal 12 cents.

Earlier this week, it emerged that Royal Oak filed documents with the US Securities and Exchange Commission Feb. 15 -- the same day Royal Oak filed for CCAA protection -- that chief financial officer James Wood would resign effective May 15.