Hi Gymjunky, 1. you don't know what type of option they have...

Hi Gymjunky,

1. you don't know what type of option they have taken either (so lets leave it at that)
2 gold is unlikely to shoot up to $1500 in such short period of time (save us all if it does)
3. nothing is guaranteed in life, at least there is some protection. without it you will be subject to volatility in gold price when price are around 1200, to which we are 200 per ounce worse off
4. the last few lot of options are similarly priced around 1400 to which management have successfully sold for (see the quarterly). this allowed for the incidentals to be paid with some extra inflow to bank balance.

like you, i am not impressed with the directors run over ever since the take over off cortona. However, credit where its due, its a wise move to lock the price in with the put options.