Hi,For the latest quarterly I read - "At the end of the quarter...

Hi,

For the latest quarterly I read -

"At the end of the quarter 45,000 ounces (representing around 7% of current reserves) with an average delivered price of A$1,003 per ounce were sold under forward sales contracts. Of this position, 30,500 ounces at an average price of $1,035 are currently scheduled to be delivered over the 6 months January - June 2009. Deliveries into these contracts will be dependent on the spot gold price prevailing at that time."

The underlining is mine. What does that sentence mean?

I assume it means "if the POG is below our contracted forward sale, we'll simply hold onto our gold, take the cash difference and bank it.

However, if the POG is above our contracted forward sale price, we'll deliver the gold.".

Am I correct in that assumption?

TIA

dub