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

To: baystock who wrote (526)	4/12/2003 1:00:13 PM
From: baystock	Read Replies (1) \| Respond to of 545

Per the latest financials, Q3 2003 is my expectation for the first fully unhedged quarter of production: The call option component of the Company's hedge position was put in place in 1998 as a requirement of the Company's credit facility. At December 31, 2002 call options for 4,160 ounces of gold at $270 per ounce with an expiry date in 2003 were outstanding and represented 8% of the Company's expected gold sales for 2003. The forward sales component of the Company's hedge position at December 31, 2002 was 15,270 ounces of gold at $282 per ounce, which represented 29% of the Company's expected gold sales in 2003.