current gold price, page-4

Don't forget our little backstop which hasn't been mentioned lately...



Mutiny obtains record prices for Deflector de-risking hedge facility
• Hedging facility with Credit Suisse secured for Deflector Gold Copper Project
• Forward gold prices achieved higher than spot price for gold has ever reached
• Strong pricing reduces commodity price risk and underpins development of
Deflector Gold Copper Project for Mutiny as it moves towards production in 2012
• Gold hedging of 50,000oz represents less than 8.5% of Mutiny’s current JORC
gold resource, thus maintaining strong and significant exposure to further gold
and copper price appreciation
The Directors of Western Australian explorer and developer, Mutiny Gold Ltd (ASX: MYG) (“Mutiny” or
“the Company”), are pleased to advise that the hedge facility associated with the recently announced
finance facility with Credit Suisse has been finalised.
The finance facility, announced on 10 November 2011, provides Mutiny with $11 million which will be
used to fund the acquisition of the remaining 30 per cent of the Gullewa tenements (which include the
Company’s flagship Deflector Gold Copper Project) in the mid-west of Western Australia and the
completion of a Definitive Feasibility Study on the Deflector Gold Copper Project early next year.
A component of this finance agreement was a Gold Hedging Facility for approximately 50,000 ounces,
representing less than 8.5% of the total Gold Resources at Deflector. This forward sale of gold has now
been executed and will see Mutiny deliver gold to Credit Suisse over the period July 2013 to December
2016. The average price received over the facility term is A$1,847 per ounce which is above historical
Australian gold pricing. The forward delivery price for the last delivery of gold is A$1,920 per ounce, which
is higher than the gold spot price has ever traded.
Commenting on the hedging facility, Mutiny’s Managing Director, Mr John Greeve said, “the Board of
Mutiny is delighted by the pricing that was achieved upon execution of the hedging facility. To have
hedged a small component of our future gold production at record gold prices will greatly assist in derisking the Company and the project as it moves towards production from Deflector in late 2012 / early
2013.”