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Strategies & Market Trends : Ride the Tiger with CD

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To: ogi who wrote (37611)	12/1/2005 11:32:03 PM
From: Squidman	Read Replies (1) of 312987

<My guess? The hedge is around the $455.00 Pog area> Ogi, I assume you mean that EPM has already established the hedge? Is that necessarily the case? I don't know how these agreements usually work. But the news release seems to indicate that they can wait until the end of January 2006: "The hedge, in the form of a monthly United States dollar flat forward gold sale over the eight-year term of the debt facility, will be executed by the company prior to first drawdown of the debt." "Both the commercial loan and the ECIC loan are for an eight-year term with a semi-annual repayment schedule commencing 24 months after first drawdown, which is expected to be before the end of January, 2006."

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