ATW Gold at C$0.81 (TSX listed)BTV has 10 million options at...

ATW Gold at C$0.81 (TSX listed)

BTV has 10 million options at C$1.00, the longest dated of which is 5.5m which expire in July 2011.

Eventually, the market will realise that far from selling out of gold, BTV is still heavily leveraged to the A$ gold price to the upside.

The risk reversal for BTV is that if ATW Gold never makes $C1.00 (highly unlikely, both due to the fundamentals supporting gold, and their March 1st production start-up date), they get $10m cash instead!

And BTV is still trading at a fraction of its cash position, and an even smaller fraction of its NTA.

Go figure.