Printer Friendly

LAC MINERALS LTD. - 1995 REVISED GOLD HEDGE POSITION

 TORONTO, May 6 /PRNewswire/ - Lac Minerals Ltd. (NYSE: LAC) reported today at its annual general meeting that its 1995 gold hedge position has been revised from the April 22, 1993, "First Quarter Results" news release. Spot deferred contracts for 1995 have been replaced by put and call option strategies. The company now has a floor price, via put options, at an average price of $342 (all amounts are expressed in united states dollars) per ounce. Through the sale of call options, Lac will be able to take advantage of future price increases on 57 percent of its production up to $373 per ounce. Lac is fully open to benefit from future price increases on the remaining 43 percent of production.
 Spot deferreds Put options
 and gold loan bought Total
 Ounces Average Ounces Average Ounces Average
 (000's) Price (000's) Price (000's) Price
 1993 585 $333 236 $337 821 $334
 1994 35 376 1,070 332 1,105 333
 1995 22 376 930 341 952 342
 1996 - - - - - -
 Total 642 $337 2,236 $336 2,878 $336
 Call options Deferred revenue
 sold amortization (1)
 Ounces Average Per
 (000's) Price (000's) Ounce
 1993 161 $358 $13,866 $ 17
 1994 540 355 (3,316) (3)
 1995 510 373 (8,540) (8)
 1996 - - (1,426) (1)
 Total 1,211 $363 $ 584
 (1) Represents gains and losses arising from early settlement of hedging instruments and net premiums paid on purchase and sale of options. Per ounce figures are based on estimates of production and will be recognized in income in addition to contract prices governed by hedge position shown above.
 -0- 5/06/93
 /CONTACT: John W. Pearson, manager - investor relations of Lac Minerals Ltd., 416-777-2379/
 (LAC)


CO: Lac Minerals Ltd. ST: Ontario IN: MNG SU:

AH -- NY067 -- 5386 05/06/93 11:37 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 6, 1993
Words:298
Previous Article:EQUUS II INC. AND EQUUS INVESTMENTS INC. ADJUST MERGER EXCHANGE RATIO
Next Article:CITGO ANNOUNCES SIGNING OF A MASTER TRANSACTION AGREEMENT WITH LYONDELL PETROCHEMICAL COMPANY
Topics:


Related Articles
Consolidation with Bond cited for LAC's gains.
LAC MINERALS LTD. YEAR-END RESULTS
MICHAEL BATES, FORMER RTZ EXECUTIVE, JOINS LAC MINERALS TO HEAD NORTH AMERICAN BUSINESS UNIT
LAC MINERALS ANNOUNCES THIRD QUARTER RESULTS
LAC MINERALS ANNOUNCES 4TH QUARTER AND FULL YEAR RESULTS -- COMPANY TAKES 4TH QUARTER PROVISION --
NORTHERN ALBERTA GOLD EXPLORATION PROGRAM ANNOUNCED
LAC ANNOUNCES FIRST QUARTER NET EARNINGS OF $3.8 MILLION, OR $0.03 PER SHARE
LAC BOARD WILL CONSIDER REVISED OFFER FROM ROYAL OAK MINES INC.
LAC TO OPPOSE ROYAL OAK'S APPLICATION REGARDING SHAREHOLDER PROTECTION RIGHTS PLAN
LAC BOARD TO RECOMMEND INCREASED AMERICAN BARRICK OFFER TO ITS SHAREHOLDERS

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters