revisiting, page-8

Yes it is a risky investment as you're gambling on the USD gold price maintaining at least its current level for two years and probably more importantly gambling that the USD currency won't depreciate against the NZD - you have to appreciate that the NZ gold price is currently very high historically at around $NZ1435 and any retracement towards $NZ1000 would be catastrophic for OGC over the next two years.
I also think your operating cashflow figures for 2009 on the unhedged portion of production are slightly optimistic(compared to mine anyway as follows):(in USD)
67.5mil Operating cashflow(180,000ozs @$850 revenue,$475 cash cost)
(15.0)mil in General & Admin costs
(20.0)mil in Interest costs
(5.0)mil in Sustaining CapEx on NZ operations
(2.5)mil in Exploration costs on NZ operations
leaves them with $25 mil in postive cashflow from which they have to meet $12.5mil in scheduled bank debt repayments.
So maybe just $12.5mil is added to their cash reserves in 2009.
And in 2010 they have an extra 100,000 ozs hedged at $NZ1,000 meaning they will be in negative cashflow for that year.
They will then have two complete years in 2011 and 2012 with no hedged production and no debt repayments.
The first convertible note repayments are due in Dec 2012 and in the following fifteen months they are due to repay a total of $A155mil in convertible note debt.
An interesting stock but it has its risks including the quality of Management.