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: LLCF who wrote (9095)	4/14/2006 11:16:32 AM
From: Julian Augustus	Read Replies (1) of 78425

If it all blows up of course they have to pay that if they agreed to the hedge sale already (ie. they've been short against what they have in the ground and they don't even own a shovel yet)... When I first read the 2005 NR about the debt facility and the hedge I naturally assumed that the hedge was contingent on drawdown of the debt facility. Now it appears that the hedge book is blowing up even before they receive a penny of the loan, and are $25m in the red already!!! I still don't understand how EPM's hedge gets triggered when they haven't received any money or other payment upfront. How is that possible? Regardless, I am now seriously reconsidering my substantial position in EPM. The management is either unbelievably stupid or incompetent in the extreme.

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