I think that had already happened and this was just a recap... ?

I actually think the news surrounding an actual productive mine is more beneficial to the SP than drill results at this point. After all, that's why Tyhee's price is so absurd...the lack of confidence in this becoming productive before gold crashes.

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.

according to what webb has already said, they will sell forward production to interested parties before they further dilute the shares.

I think the market is saying it doesn't think there will be a mine built in time to capitalize on gold rush fever. Many think, right or wrong, that gold could go parabolic into 2012, followed by a multi-year consolidation, perhaps after some new currency agreement. In other words, if Tyhee doesn't have a functioning mine by then, the bloom could be off the rose to a degree. Dave's belief is that they will be very profitable as long as the GP is above $850 or whatever the amount was in the PFS, but the question remains how the market will value these properties if a 2012 GP top develops and we still don't have a functioning mine by then.

FWIW, I sent a somewhat more serious message to etrade this time around, asking them to either

a) lodge a complaint with DTC or

b) address if they have an issue with naked shorts they can no longer force their customers to cover.

Should be an interesting reply I will share it here.