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Gold/Mining/Energy : BLACK HAWK (TSE:BHK) -- Ignore unavailable to you. Want to Upgrade?

To: TheBusDriver who wrote (454)	9/6/2002 7:06:56 PM
From: Stephen O	Read Replies (1) \| Respond to of 545

absolutely, the only reason they sold calls to start with was to come up with money to buy puts. This was a requirement from the Standard Bank so that their bank loan would be extended. This goes back a while. They sold the puts for a capital gain in April 2001 and with that money plus other cash they had generated they paid off the bank in full. They left the calls outstanding and BHK are delivering their gold production effectively against the calls. The amount is 4,160 ounces per month. The last set of calls is for Jan 2003 which they will use when delivering their December 2002 production.