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

To: russet who wrote (36)	6/7/2002 1:40:41 PM
From: John Dally	Read Replies (2) \| Respond to of 158

- Their cost would be $326 - $301 = $25 / oz to close out the 400,000 oz short call option position. - If they have out of the money options (say $351), then they are in worse shape, since to average $301, there would have to be some really deep in the money (i.e $251) options for everything to average $301. Please try it out with a pencil and paper before you answer. - They also have 420,000 in spot deferred contracts that they need to deliver production into. - You're making this much too complicated.