Well I am topping up from time to time at these levels - not big...

Well I am topping up from time to time at these levels - not big amounts but eventually the plan is to get quite a few more.

As has been wisely suggested the divvies in the system may take time. Also if it did wind up you wont see your money for some time as sales are made and the PHES drags on.

There is also no evidence of a fast buck here in terms of the sp moving up quickly - in, out, big profit and piss off is not possible.

Also it has been wisely suggested that HGO is not well sold to potential holders (nobody knows about it).

As a result of these two factors trading is slow and if you want to sell its going to take a while to liquidate a decent number of shares.

Also up to last year the vast majority of HGO holders have been badly burned.

The other possibility is that the drilling is not producing good results and somebody has tipped somebody off or is selling themselves. This is the only one that makes me more cautious but as you say the assets almost certainly cover the sp even if the PHES goes south.

Alternatively the board may lose its mind and create a UG even though the economics are marginal. HGO has done this before but all those board members are long gone. Such a decision may then result in you losing your equity.

So all in all nothing is certain.

In opinion I think it is not likely we will lose our capital as we have a good board not prone to taking silly risks on UG mining.

In opinion I think HGO is undervalued and a good opportunity,which will hopefully return a good chunk of capital as divvies and the rest on windup or have a great sp upside with an ounce of luck. it seems like a buy to me. And I am buying.