Madsen Gold Corp. Company Update.TORONTO--(BUSINESS WIRE)--Nov. 6, 1997--(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :MGF MGF In currencies, this is the abbreviation for the Malagasy Franc. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. .) Madsen Gold Corp. is pleased to report that it has taken advantage of the recent decline in the gold price and unwound un·wound v. Past tense and past participle of unwind. unwound unwind a portion of the hedge program that was implemented in March 1996. Madsen has realized a CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. $4,050,000 gain that has been applied towards the CDN$6 million gold loan facility with Standard Bank London Limited. The loan now stands at equivalent of CDN$1,950,000 and an agreement has been reached to amend the loan repayment schedule with the bank. Madsen has retained a sufficient portion and implemented a new hedging program which will ensure that 1998 production, of just over 40,000 ounces, will be sold at an average price between U.S. $335 and U.S. $345 per ounce ounce, in zoology ounce, in zoology: see leopard. ounce, unit of measurement ounce: see English units of measurement. . In addition, Madsen's program has repositioned itself to protect against further declines in the gold price. Madsen will continue to be active with its hedging program although it will take a long term approach to further take advantage of large movements in the gold price. Madsen Gold is close to commercial production at the Madsen Mine. The Madsen Mine has proven and probable ore reserves of 346,023 oz. (a 15,000 ounce increase during the recent quarter) and is forecast to produce 40,000 oz. in the first 12 months of commercial production at a cash cost of US$260/oz. and a total cost of US$300/oz. Subsequently the mine is expected to produce 50,000 oz. per year at a cash cost of US$230/oz. and a total cost of US$260/oz. CONTACT: Madsen Gold Corp. Jim Morlock, 416/862-0583 416/862-9063 (FAX) website: http://www.madsengold.com or Madsen Gold Corp. Jim Reid Jim Reid (born 29 December 1961, in Glasgow, Scotland) was the lead singer for critically acclaimed British alternative rock band The Jesus and Mary Chain, which he formed with his elder brother and guitarist William Reid. , 416/ 862-0583 416/862-9063 (FAX) website: http://www.madsengold.com |
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