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Gold/Mining/Energy : GLAMIS GOLD - GLG
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To: Pete Mimmack who wrote (261)10/20/1999 6:59:00 AM
From: Chispas  Read Replies (1) of 459
 
Pete, if you look at Glamis' hedge position this past June,
it was very minimal. Since that time, the San Martin project
has obviously started burning cash...committment of $27Mil.,
I believe.

So, I suspect the financing for the new project had requirements
for massive increases in the hedge. If there are no margin calls,
all should work out well over time.

The only part of the story that I disagree with, PR's stated
that San Martin would be financed by operating funds. Obviously
there is a note payable somewhere, and the hedge is related.

Regards, Chispas
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