I ran LHG thru my very basic spreadsheet which I use to rate...

I ran LHG thru my very basic spreadsheet which I use to rate various gold stocks. Even with a boost to 800k oz's over the next two years and gold averaging $650 over that period LHG at over $3 looks very very expensive. Hedge position is not small either and given the location of their only asset ( a truly magnificent piece of dirt it must be said ) with its higher than normal risk of natural disasters occuring ( relative to Kalgoorlie anyway !! ) ie volcanoes , earthquakes , landslides , tsunami's I can't see the risk/reward ratio looking that great at $3. Plenty of cheaper lower risk totally unhedged stocks around.