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Gold/Mining/Energy : NORTHGATE EXPL (NGX.TO) -- Ignore unavailable to you. Want to Upgrade?

To: Elizabeth Andrews who wrote (5)	5/26/2002 8:52:31 AM
From: John Dally	Read Replies (1) \| Respond to of 158

Dear Elizabeth & Peter, biz.yahoo.com This doesn't look good: "At March 31, 2002, Kemess Mines Ltd. had forward sale commitments with major financial institutions to deliver 420,000 ounces of gold at an average accumulated price of $298 per ounce. These forward sales commitments are in the form of short dated spot deferred contracts. A portion of the position will be brought into income in 2002 and a portion will eventually be rolled into future years as part of the Corporation's commitments under its $100 million project loan." This looks really bad: "As at March 31, 2002, Kemess Mines Ltd. had outstanding call options of 400,000 ounces of gold exercisable at an average price of $301 per ounce. The total premium received from selling these options was $1,942,500, which will be brought into income during the second quarter of 2002 as the options expire or are exercised." 400,000 ounces of call options @ $301 SOLD and coming due this quarter????? John.