i assume the forward sales contract would start after the second...

i assume the forward sales contract would start after the second put matures 31 March 2011. using the put to hedge early on would give flexibility to sort out teething issues with production and processing before having to meet the delivery requirements of the forward sale. hear where youre coming from though trying to piece it together is confusing, there are no contract dates given in the announcement about the forward sales hedging, it just says "covering two years of early production". when i read the announcements i assumed it worked like this -

sept '10 - Jan '11: insured by option to sell ~13,000 ounces at $1236
Jan '11 - Apr '11: insured by option to sell ~15,000 ounces at $1237
Apr '11 - Apr '12: insured by ~57,000 deliverable ounces at a price of $1359/ounce
Apr '12 - Apr '13: insured by ~35,000 deliverable ounces at a price of $1359/ounce