big holder exiting, page-14

Am I happy that the hedge is closed out? Of course not, but I was at the time as no one including mja saw this gold slam coming. Sure some may have called it lower if it broke $1550, but not like what we saw. ALK have done the same around the same timing & CS is in there also with Noah's Rule as advisors. I suspect it was either pressure from CS to close out as the financing was taking longer than expected or advice from Noah's, not sure which. Either way this project at current levels is still bankable although I'm sure the banks will want to see some stability in the POG. They may also insist on a higher level of hedging. I suspect financing will be completed over the next 3-5 months & in that time reserves & resources will have been increased making the project a no brainer to finance. POG obviously will dictate.