Ann: Resource and Operations Update Texas Silver , page-9

re: Ann: Resource and Operations Update Texas... That hedging is a drag. If silver moves up quickly (as silver can), AYN won't participate so much in the rise, and the hedge could go badly out of the money. For example, if silver went to AUD $40 an ounce, the hedge would be appox 5 million out of the money.

I trade AYN as a silver trade, so wish management would just concentrate on running the mine, and forget fancy hedging. From my experience over decades, the investment banks (who write the hedges) usually end up making money. They are professional traders and know their business.

Companies, such as AYN, who try and get fancy with hedging, even though they might have initial success, usually end up getting done by their hedging (unless they employ a canny professional trader who has track record of succes in trading).

So I say, forget the hedging please... stick to what you are good at ... running a mine. AYN shares would be higher today if it weren't for the hedgeing.