MIRAMAR MINING (MNG) Message Board

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Gold/Mining/Energy : MIRAMAR MINING (MNG)

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To: PaulM who wrote (144)	11/13/1997 3:44:00 PM
From: Bear	Read Replies (2) of 457

On June 30 they had 149,500 oz hedged at average price of US$441. This is about a year and a half of production. However, I haven't noticed much of a difference between the hedged producers and the unhedged ones in their response to changes in the gold price. The bear market in gold has caused Miramar to reduce its output by ceasing its production of refractory ore, and caused them to cancel Talapoosa. A bull market in gold could result in a reversal of these decisions. Also, the value of their Northern Orion properties would go up and these are unhedged. But I am not predicting a bull market in gold anytime soon. Bear

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