hedging, page-4

Sdet From the recent investor presentation:-

Project financing facility of US$90M completed with first US$60M drawn down 31 December 2011.
A total of 135,000 ounces hedged over 3 years or 30% of annualised production which represents only 10% of current
reserves. Flat forward hedge price of US$1600 per ounce with US$160 million of Brazilian Reals (BRL) also hedged at a flat
forward of USD1:BRL1.9525. The hedging program results in 100,000 ounces effectively hedged at BRL$3,124 per ounce
with the remainder hedged at US$1600 per ounce.

Strange trading yesterday and today. Someone s wanted out today, I'm happy the SP held up as well as it did.