forward sales, page-4

This is a commitment over 4 years so it is 31,500 ounces pa at $1355 and the rest at the going market price. On the basis that they are producing 65k ounces pa, 33,500 will be unhedged. Also about 600k ounces pa of silver will also be unhedged. At the current market price of USD 1846/ounce, the average price would now be USD1608/ounce for the 65k pa ounces - not bad and far ahead of what is in EVG's public projections.

There is around 6.5 years of production expected from this project.

So there is plenty of upside from a rising price of gold and silver from this project.

I woulod expect the next project to be be unheged, but that is some way off.

loki (awaiting the Ecuadorean project's drill results)