Update on major creek, page-3

Hi nutwood,

Hedging is a good practice when you have fixed expenses and uncertain income. Uml has managed to secure 1400 oz for the last few quarterly as oppose to 1100 or 1200 for a cost of 40 per oz. are you still claiming this is a bad investment?

Without that premium we would have cash outflow from bank account as opposed to inflows.

Launching buyback with the 600k will not do much to improve uml fate. They are better off conserving the funds for the impending dry spell.

As much as I hate our current predicament, making rash decisions would cause everyone more bad than good.