gold tops $900 on haven demand as equities dro, page-5

G'day Papertigger,

I'm not the best with this financial stuff but maybe someone else can confirm what these extracts from past quarterlies mean.

This is from the September quarterly:

"Hedging of a further 6,000 ounces at an average price of $1,140/oz to take advantage of current high gold prices.
• Revenue for the Quarter of A$4.13 million generated from the sale of 4,281oz of gold at an average received price of A$966/oz."

And this from the June quarterly:

"A$18.65m Debt Facility
The Company has established a debt facility comprising A$18.65 million in Senior and Mezzanine debt with specialist international banking group, Investec Bank (Australia) Ltd. Under the terms of the facility agreement, Focus has entered into forward gold sales commitments for a total of 32,000 ounces at an average gold price of approximately A$990/oz.
The forward gold sales contracts require monthly gold deliveries commencing on 31 October 2008 and concluding on 31 October 2009. In addition, Focus has acquired put options for a total of 17,000 ounces of gold at A$850/oz to further protect Perseverance Gold Project revenues.""

So now that the FY2009 production has been reduced to 50000 ounces I would think that 38000 has already been contracted out and that would leave 12000 to the spot.

I don't know how they have to fullfil these contracts and the information to me was a bit messy, but it looks as though we are missing out big.