Ann: Withdrawal from New Polaris Project-PGI.AX, page-17

Hi Paul,

from the quarterly, and the hedging announcement in June, PGI had approx 50% of their gold hedged for 12 months, with a lot more hedged for 6 months (due to the old USD $1100 price). They also stated they would be rolling the hedge forward on a regular basis, so, as its Oct, we should be hedged again at prices above USD $1300 until around April. The last part is just me guessing, but since they have been continually rolling the hedge forward so far, it would make sense. I guess we won't have to wait too long for the next quarterly.

Agree, hopefully next week we will get some news. The USD gold price is still well above PGIs old hedge prices.

Wonder if we will ever hear more news on Cuba.