ann out: excellent results santa-fly camp, page-8

These latest drill results are not prospecting, or exploration. They are finalizing the mine pit design. In other words, this is development expenditures, not exploration costs. These two areas Will be future mines. In fact, seems to me, despite IGR describing an exploration budget, almost all the drill results lately have been for development instead. I wouldn't expect any SP move when all the results are doing is adding to an existing inventory, not a new discovery.

And how would they retire the hedge? Usually there are very onerous conditions on terminating a hedge early. Do you think they should spend an inordinate amount of money to close them out early?