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GOLDEN HOPE MINES (TSXV:GNH) Confirms High Grade Intersection of 64.1 g/t Au (Gold) over 1m Read More

The screen metallic analysis returned 82 g/t Au for an average grade of 93.5 g/t Au.
Two additional fire assays on the original pulp done prior to the screen metallic analyses returned 0.22 g/t Au and 0.12 g/t Au for an average fire assay grade of 0.41 g/t Au. The weighted average of all the fire assays and screen metallic assays from this 1-metre section in hole BD2011-184 is 64.1 g/t Au.

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Message: BARRICK TO ELIMINATE GOLD HEDGES

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BARRICK TO ELIMINATE GOLD HEDGES

posted on Sep 10, 09 12:22PM

Barrick Gold arranges $3-billion (U.S.) financing

Sept. 8, 2009 - News Release

BARRICK ANNOUNCES PLAN TO ELIMINATE GOLD HEDGES

Barrick Gold Corp. has entered into an agreement with a syndicate of underwriters, led by RBC Capital Markets, Morgan Stanley & Co. Inc., J.P. Morgan Securities Inc. and Scotia Capital Inc., for a bought-deal public offering for gross proceeds of approximately $3.0-billion representing 81.2 million common shares of Barrick at a price of $36.95 per share. All amounts are expressed in U.S. dollars unless otherwise indicated.

Barrick intends to use $1.9-billion of the net proceeds to eliminate all of its fixed-priced (non-participating) gold contracts (the gold hedges) within the next 12 months and approximately $1.0-billion to eliminate a portion of its floating spot price (fully participating) gold contracts (the floating contracts). A $5.6-billion charge to earnings will be recorded in the third quarter as a result of a change in accounting treatment for the contracts.

Barrick has made this strategic decision to gain full leverage to the gold price on all future production due to:

An increasingly positive outlook on the gold price. The company expects global monetary and fiscal reflation will be necessary for years to come, resulting in an increased risk of higher inflation and a future negative impact on the value of global currencies;
Continuing robust gold supply/demand fundamentals. ----.