not able to pay bank on time, page-18

3
Cobar Consolidated Resources Limited
ASX Release
_ September
2013
Quarterly
Activities
Report 3
1
October
2013
Finance
A $3M bridging loan fr
om the Company’s major shareholder Magna Resources Corporation was drawn down on 30
September. The Company repaid $2M of the $2.5M cost over
-
run facility with Commonwealth Bank of Australia in
July.
Payments for exploration, development and administration
for the September quarter totalled $15.2M, $2.4M
lower than was forecast in the June 2013 quarter cash flow report.
This was primarily due to lower than forecast
mine development costs, as a resu
lt of re
-
optimised pit designs.
Estimated cash outflows for
the December quarter, as set out in the accompanying Appendix 5B are $13.7M,
$1.5M lower than the September quarter. This does not include sales revenue.
As announced on 9 October, the Company has closed out all of its silver hedging positions from Janua
ry 2014
onwards.
The Company had 60,000oz per month for 15 months from January 2014, for a total of 900,000oz, at
an average sold forward price of A$23.75.




Read the above...


for those that are worried about the day to day silver price fluctuations well you dont need to be.
We are hedged at $23.75

We get 23.75 per once locked in contract price...another brilliant move by management.


My sentiment definate buy.




cheers.