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Gold/Mining/Energy : BLACK HAWK (TSE:BHK)

BHK 9.520

-1.9%

Dec 1 4:00 PM EST

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To: gilbert leblanc who wrote (403)	4/10/2001 10:17:54 AM
From: Stephen O	of 545

Great news Black Hawk pays off bank loan in full DJ Black Hawk Mining Raises $664,000 In Put Option Sale TORONTO (Dow Jones)--Black Hawk Mining Inc. (T.BHK) has sold its put options on 81,000 ounces of gold for proceeds of $664,000. In a news release, Black Hawk said proceeds from the sale were used to repay its standard bank term loan in full. It said the balance outstanding on the term loan at Dec. 31 was $1.4 million. Additional cash payments totaling $736,000 had been made since year end, it said. The company said the average strike price on the put options was $261 an ounce. As a condition of the term loan, Black Hawk said it was required to establish a hedging program in 1999 to ensure minimum cash flow for the loan. Call options sold on 95,720 ounces of gold, with an average strike price of $272 an ounce, remain outstanding and expire monthly over the next 22 months. Black Hawk said it no longer holds any put options. Black Hawk is a mining and exploration company. Company Web Site: bhkmining.com -Judy McKinnon, Dow Jones Newswires; 416-306-2100

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