Confused about the pessimism, page-21

Gungadin- While I agree they have wasted a lot of money they did until recently do quite a lot of useful exploration work- which the market gave no value for- grade control drilling at Banfora and quite a bit of work at the Boss JV.....

In terms of developing Banfora it is pretty hard to do in this market and any debt will come with the need to hedge gold. I mean what would be the point of locking the project at USD1,100 gold price. Wait for gold to be rising before getting finance and then the hedges won't hurt so bad.