Looking forward to the June quarter end results. At this point cash has increased by $32 million after payment of interest on the bonds in April. June cash flow, while it appears to be strong, was restricted as 51,000 oz were delivered into hedges at $1415 which are now closed out. This really sets up the September quarter to be extremely strong from a cash flow viewpoint. 25,000 oz hedged at $1600 and the balance at spot should see a substantial increase in the POG. With a higher gold price recieved, no interest payable on the bonds, and continuing improvement in mining activities, the September quarter could easily see cash increase by an additional $50 million plus.
Ann: St Barbara buys back US$46 million of Senior Secured Note, page-4
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