a reply from sar

hey guys.....i dropped the ceo an email and asked him if we were assessing options like partially monetizing our hedge to release some value? I said that I understood that we needed to be hedged in the short term like this financial year but what about the next two years? Below is the reply back from the CFO....

Dear XXXX

I am responding on behalf of Mr Finlayson.

As you will have seen from our announcements, we have revised the hedge book slightly in moving hedging from the latter part of 2016 into the 2013/14 financial year. Our capability to do more rework is limited by the debt facilities in that hedging is required for at least the repayment period of the debt. We are cautious to make sure we have sufficient funds to complete the current pit cutback at Whirling Dervish and not cut back the available debt too early. When we progressed the cutback to a sufficient level and, depending on gold prices at that time, we will have the opportunity to review our hedging and debt position.

Regards

Gerry Kaczmarek
CFO & Company Secretary
Saracen Mineral Holdings Limited