unshackled, page-4

There are some other big sellers, obviously, but the buying support is also clearly apparent. One has to hope that a transfer to "strong hands" is taking place.

I encourage people to ask themselves one question, and I would actually be curious to hear some responses. Although Dipidio has appeared to be more of a hindrance than an asset of late, what you would consider it to be worth in its own right? 120,000 ounces a year, 40 million pounds of copper, 50%+ of development done, good exploration potential, 3 million reserves+resource, cash cost per ounce likely under $300, and at today's prices annual cash flow of $60 million minimum. I am very biased, cause I think OGC is the most undervalued company based on my examination of the TSX, ASX, NZX, and NYSE. An asset like that is easily worth $200 million, easily. That is $60 million operating cash flow in about a year......based on "normal" metrics it should be more like $300-400 million. Of course, financing being nearly non-existent, etc. etc., one has to consider how gold has performed and how it is the only sector that is experiencing growing margins - costs are getting lower and sale prices are going up. This of course includes other precious metals.

That being said, existing operations can handle the hedges and debt if gold doesn't crater. The way things are looking with exchange rate and gold price, OGC could have operating cash flow of $25 million to $30 million in the first quarter of 2009, that with about 25,000 ounces hedged. Am I missing something here?

If anyone can find a cheaper gold company, I would be glad to hear it. I am looking for cheap in a holistic sense - meaning looking at the whole picture, large production, decent cost structure, reserves + resources, operating cash flow (considering CAPEX), hedges, and balance sheet. OGC by no means has a strong combo of all of these - we are all aware of the debt and hedges.