Ann: Quarterly Activities Report September 2014, page-31

Hi Spec
net debt is 36.5 m based on quarterly with another 30m to be drawn . Hedge gold is only 20k oz so only about 30% of next years prod hedged . Problem is the 70% would be generating perhaps a 15m margin of which 10m will to corporate costs . So it really is up to Karouni and for the current production profile and potential margins it seems like a high debt position . They still need to do some serious exploration which costs dollars