I've been looking at this company as possible small cap Au play....

I've been looking at this company as possible small cap Au play. I came across this disturbing line from the 20/4/11 activities report:

"EnviroGold has forward sold 126,000 oz of future gold production (30% of total production) at US$1,358 per oz, less fees."

This hedge is $USD 56,863,800 out of the money at today's spot price!

Can anyone point me to the details of these forward sales? Are they at least spread over several years?

TIA.