at this point..., page-11

Lots of impatience - but understandable. Let me be put forward a little more optimistic viewpoint.

Financings are very complex transactions and this is particularly the case for a new project. Further the Banks have worn a lot of pain during the GFC, competition has dried up in the banking sector and risk minimisation is at the forefront of their thinking in the current environment.

The banks would know HGO has made public statements and is under pressure to make an announcement. All the better they may be thinking - more pressure on HGO to accept our onerous financing terms.

It would be a lot easier for HGO to rush in and accept whatever terms are on offer so it could make a timely announcement to satisfy shareholders. It is a lot harder to try to bash out the best deal for the company and the shareholders.

Maybe HGO is doing the right thing by shareholders by not making an announcement.

At this stage I have not formed the view that the HGO management is incompetent unlike some others here. I am still of the view that whatever is going on behind the scenes is happening because management are acting in the best interests of the company and the shareholders.