I suspect any company hedging in coming months will have egg on...

I suspect any company hedging in coming months will have egg on their face by the time they start producing.

Can you imagine being hedged at US$900 with gold at US$1200 or US$1500 or US$2000?

Not only that, in a rising gold price environment they will have to bring to account all those massive mark to market hedging losses.

What's wrong with a merger with a junior company like TRY which has $60 million cash plus its own gold producing assets etc.

That would clearly be better for IGR and better for shareholders of both companies.