Ann: Hedging Contracts Locked In , page-2

"The contracts form part of the financing package for Southern Ashanti, and provide for deliveries totalling 290,000 ounces of gold over the first 5.5 years of operations at US$1075/oz"

"The hedged price gold delivery program was provided by Macquarie Bank as part of the Companys US$76M finance arrangements."

---------------

How many millions of dollars could this effective shorting of gold cost ADU? It's already US$5.8 million out the money on the morning it is announced to the ASX!

We're in a generational gold bull market.

With just a US$500 increase these hedges are out the money US$145 million. That's nearly twice the US$76M finance!!

When will small juniors learn?

Issue equity and don't hedge gold at a fixed price. If any form of hedging is taken then guarantee a minimum price but don't limit the upside.