Gold and Silver Juniors, Mid-tiers and Producers Message Board

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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers

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To: loantech who wrote (7058)	2/24/2006 9:37:27 AM
From: tyc:>	of 78419

The reference to hedging is made in the following paragraph; (the emphasis is mine) In the fourth quarter of 2005, the Corporation did not reduce its gold forward sales position compared with a reduction 21,750 ounces during the same period of 2004. However, $2,749,000 of the deferred hedging loss set up in the second quarter of 2005 when certain gold forward sales contracts were closed out prior to their original settlement dates was amortized and included in revenue during the quarter. The Corporation’s gold hedging activities reduced the realized price of gold sold during the most recent quarter and the corresponding quarter one year ago by the identical amount of $32 per ounce.

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