[HerenIstarion]

some other minor points:

I'd say Balrog would not recognize the ring as such (what with him being solitary surveyor of the Moria for so long), but presumably:

A) Gandalf being dead, the ring would cease to be hidden
B) Once found, Balrog (presumably) would have been able to discover its properties
C) dubious one - Even if Balrog had not found its properties out, the ring on a Balrog would be (presumably) felt by Sauron?