i told you guys, page-4

let's keep the punches above the belt. :)

And remember that ESG's success is HGO's success. The higher the ESG price, the more valuable the takeover options are to HGO.

HGO remains the better investment on a risk/reward basis IMO, with HGO's downside protected by huge cash (and asset) backing, and the upside still exposed to an ESG takeover.

ESG will, at some point, need to go back to the market or privately, to raise more capital. In the meantime, their exploration success continues, and it sounds like some further news on commericalising their reserves is just around the corner.

So I will be the first to congratulate Fitsch or anyone else investing in ESG when the bidding starts. We all want that.

(My opinion has not changed - I still believe a bid for ESG is more likely than not before the year is out, before the market has factored into the price their huge leap in reserves.

And if I am wrong, HGO still has the cash.)

Y