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Gold/Mining/Energy : CORNUCOPIA RESOURCES CNP.t

CNP 39.00

+0.3%

Nov 6 3:59 PM EST

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To: Steve Hegji who wrote (105)	6/30/1997 10:54:00 PM
From: SnakeInATuxedo	of 336

<<Cornucopia has implemented a hedging program pursuant to which 120,000 ounces of gold have been forward sold between 1997 and 2002 at an average price of US $408 per ounce.>> The above sentence was taken, verbatim, from the company press release of 6-26. I take this to mean that some forward sales were for more than $408, and some were for less than $408, they all happen to average $408, and there is no identification of what forward sales at what point in the future were made at what price. The time span between 1997 and 2002 is five years. Where do you get "3"? If you are privy to information not made available to us mere mortals, fine, I have no problem with that. The real problem is they've painted themselves into a corner when gold starts to roll, and they're going to get to watch the train leave with them holding $408 tickets. Given the short life-time of the mine, I hope their other prospects hold out more promise. But you're right, it will be a nice "trade" for a double or so.

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