To me the pits. mining leases and mills are [could be] a neat...

To me the pits. mining leases and mills are [could be] a neat package.
I think that providing the gold price stays around here, if the HRZ management do not produce a credible mining plan, sequencing the pits with mill requirements and costs, in a reasonable timeframe, another management team with expertise in these areas will come forward and I will vote for them.
So to me there there is significant downside protection if I am patient enough, as this management team will have had plenty of time to create a functioning mining company.
The key issue is to ensure they do not issue convertible debt to a 3rd party at this stage, as a screwed up capital structure is difficult to unpick [eg CYM etc].

Happy to hear different views...