Ann: Half year financial results, page-91

These calls were attached the the $5mm gold loan that superior gold took out last year...calls on plutonic gold production was sweetener for lender. At time of gold loan calls were priced couple hundred dollars above gold spot. Once these calls exercised no more of plutonic gold production is hedged. I think it very difficult to find producing gold mine whose gold production not hedged at low prices, particularly in australia. Northernstar had a horrible hedge book last time I looked. Lots of current gold producers with underwater gold hedge book like barrick had in past. Coeur has nice mine in Mexico where Franco nevada take all gold for couple hundred per ounce. Another gold and silver mine in Mexico recently forward sold gold for 65 cents on the dollar and that was at lower gold price. No hedges on gold production is cyl rocket fuel, imo