SilverCrest Mines Inc SVLC

RE: RE: RE: NEWS -- 3Q EARNINGS

[mjh9413]

The derivatives accounting is entirely related to the gold hedge as the Euro thing expired Jun 2012. Sine the MBL derivatives went Nov 7th I am presuming the last entry will be written this current qtr to eliminate the mark to market on everything except the gold they delivered in this current qtr....so less than $1MM loss on derivatives this qtr. Since they cannot get both the full spot price on the gold now sold to spot and not to the hedge they cannot get a double whammy of writing off the sept 30th liabilility (about $20MM current and non-current Jun 30 and probably 15MM or so sept 30th) and I believe it just gets w/o against unrealized losses on derivative instruments for no further impact EXCEPT, I'll say it again despite my vow, the Au sales are now ALL cash except for the SSL deferred rev amount. Here's to 2013 and all the good things to happen there commodity prices willing.