RE: RE: Good News Just In Cant wait for the Q1 2012 numbers with these gone...
In addition to retiring the Project Loan Facility the Company also entered into the following transactions with Macquarie Bank Limited:
-- Effective December, 2011, settled the 5,000 ounce European gold call option expiring June 13, 2012 for $3,010,609 USD which will reduce the Company's derivative instrument liability by the carrying value of $3,143,959 USD and result in a small derivative instrument gain on the transaction. -- Effective December, 2011 the Company delivered 1,141 ounces of gold in excess of the required hedge delivery schedule which reduced the required 2012 hedge delivery to 8,509 ounces of gold. As at December 31, 2011 there are 35,485 ounces of gold remaining to be delivered into the Hedging Facility during the period from 2012 to 2014.