Mike

I have been writing to the Board of a company that I have a position in for for the past years requesting a hedge to be put on against an expected lower dollar. Not once did they respond to the submitted topic.

Always at the bottom of their financials they state, The Company has no hedges in gold or currencies in place or something like this. I think some of these guys know little outside their world of mining. Their share price has suffered as a result of reduced earnings in an environment of rising gold prices.

It is very important to the shareholders that their Boards practice some simple perspective as it relates to the real world. Why some Boards fail to accept this responsibility to their shareholders is really, quite sad. I can just see the picture now of my going into the Board Room and asking if anyone knows anything about derivatives and someone pops up by saying, he doesn't work here.

It's really very very sad that as their mining expenses increase with tremendous operational inflation they compound the problem by allowing the Canadian dollar to rise in value that does a real hatchett job on their earnings. It just does not make any sense.