The forward sales are not pretty --- but it appears they were a...

The forward sales are not pretty --- but it appears they were a requirement for project finance.

Without them I imagine the share price would be at least 10 cents higher.

While I consistently argued against them --- (why the hell dont these companies buy put options?) --- a positive way to look at it is to think in 2 years time the company should be debt free (on Las Lagunas) and will only have 42,00ounces still sold forward.

The Silver is still at spot prices

If they can successfully transition to production and grow the resource base the forward sales will quickly become less significant.

Redback Mines did that and went on to be a very successful investment for some ---- I actually abandoned ship early because of the hedge --- and it cost me plenty.

As for Mac Bank --- the less said the better.