Hi OrionGood pointPersonally I am factoring ~90% that the hedge...

Hi Orion
Good point
Personally I am factoring ~90% that the hedge is dead and ~50% that they get the notes.
But this is really just an ignorant guess.

I am not sure what they are doing with the hedge money. They are definitely not paying Lehmans and it will take years I would guess to be resolved. And even if the ruling is against them they may not have to pay any Hedge money until such time that the Hedge is controlled by a non bankrupt party?
So will they use that money to fund underground mining or Mt Morgan?

Also if they get the CN notes then they could probably borrow the money for these projects?

But I agree until the fat lady sings NGF is a bit risky but if it nails both CN and Hedge then I don't see why its not the best value junior producer soon to be come mid tier producer around (assuming POG > $1300AUS - another assumption)
But I have compared it to other junior goldies people have mentioned eg SLR, CAH and I think NGF should be making the most net annual profit by far (with these assumptions - or at least the Hedge and POG)