Tyhee Gold Corp.

I don't see forward selling in the same light as dilution- not at this point in time (and share price) for Tyhee. As Webb said, they can sell 100,000 ounces forward at $1,400 per ounce on a spot deferred basis, grossing $140,000,000 and netting $70 million (revenue minus operating cost). That's a nice way of generating capital while not significantly impacting your production. The rest of the capital to build the mine would be ($100mil) would be debt. I'm paraphrasing here rather than post the whole message all over again. In summary, 'hedging' by your definition is probably not what Dave has in mind.