Ann: EVG arranges forward gold sales , page-5

JID

Thanks for your views, and I agree with them.

My point being that MacBank is a smaller Australian version of the famous USGlobal VampireSquid (Goldman Sucks). Given that EVG's costs are likely to be a lot less than the $850/ounce I had assumed in my back-of-the-envelope calculations, the size of the hedge needed to cover off for the loan should have been even less than my suggested figure of 100,000 ounces.

IGR negotiated a $AUD45 million loan from BNP Paribas and Westpac which involved a 92,000 ounce hedge over two years at $AUD1359. From memory the AUD POG back then was only around $1250-1280!!! So there is clearly scope to get a better deal if you shop around and avoid MacBank.

http://www.asx.com.au/asxpdf/20100503/pdf/31q42kmn10npbm.pdf

http://www.asx.com.au/asxpdf/20100218/pdf/31nrynry0bnl1j.pdf

Any way, onwards and upwards from here for EVG, of that I feel confident. I am beginning to think about toping-up again - we could get to 15 cents by Xmas. My only concern is the extent of further dilution.

loki