severstal is reportedly spinning out it's gold arm in an ipo in london by the end of the year. severstal gold controls hrg.

but hrg is in the middle of putting prognoz, it's partner in exploring the prognoz silver deposit, through bankruptcy using their company, buryatzoloto. hrg indirectly owns 50% of prognoz.

the real question is how much the remaining prognoz holders are going to get in exchange for giving up control of it.

the process, reported in june, could take up to 5-7 months.

prognoz, as reported on hrg's site, has 51m measured ozs of silver, 51.5m inferred.

i'll buy that for a dollar!