am i missing something...?, page-4

they only need to sell a few ESG for cashflow
and they still have $10m cash.



nothing wrong with your analysis ROBS12, spot on

except ascribing no value at all to all HGO tenements, ITT JVs/ tenements, and Kanmantoo in a fire sale would be a little too mean.

I would expect 50cps in a takeover, which would be mostly cash, however ESG holders are expecting a lot more reserves for 09. Valuations are from $1.00-$2.00.

This makes HGO one of the best spec buys for 09 with little downside.


just remember this, every ESG 1c = $1.8m in investment increased value for HGO

so say ESG adds 100%, HGO cash value adds 300%


the leverage into ESG and CSM is fantastic.