the rat is starting to smell, page-3

In answer to your questions:
(1) There is no hedging - they simply pay 5% of the proceeds of sale from the first 40,000 oz from Warrior.

(2) The trust is called the Australian Gold Trust No. 1 and the trustee is Strategic Joint Partners (you may recognise the name - they are currently being sued by ASIC for recommendations made on Westpoint, however they are doing a good job on this trust even though Citigold are proving very frustrating).
When I invested in this in 2003, I was told it would be an 18 month project.

(3) I couldn't tell you how much has been received just let. I could get the paperwork and look it up but it is easy to do the figures. Just work out the total gold sold from Warrior up to September 2008, multiply by the gold price and divide by 20. The amount owed is 5% of the rest of the 40,000 oz. I reckon they have mined about 15,000 oz so far, so I reckon we are owed the proceeds from 25,000 oz, but its just a guess.

I am just one of the 'members' of the trust and my investment makes up 5% of it. They currently only owe me the cheque from the last quarter so they don't owe the whole 3 million dollars now. It is based on gold sold and not production, but if we assume about 2500oz last quarter, it is roughly $160,000.

Personally, what I am owed from the last quarter is roughly about $4000, but I'm not a major investor and this is considerable money to me.