RE: CF Projn "Assuming a gold price of $1,600 per ounce, Endeavour's three mines are forecast to generate $230 million of cash margin during 2013 "
That is...$767 per ounce assuming 300,000 ounces.
Assuming $1600 is a bit daft in this environment...Note that $1800 average is more likely for 2013... We will not see $1600 gold ever again!
At $1800 per ounce, margin becomes $967/oz, and the mines generate $290 million cash margin. (back of napkin estimate).
Also like to point out here that EDV warrants expire in Feb 2014, so a full year of 5.5x leverage to EDV's (unhedged) growth, which has been spectacular (as the news release confirms)...hint.
I hold a huge number of these warrants and so am quite biased.
gildage