awk reg-exp question

[pardsbane at offthehill.org (Joshua Pollak)]

Hiya,

I'm running this command on Linux:

awk -F"=" '/PARAM/ { print $2 }' Project.cfg

Which is supposed to return the value of PARAM from a config file with 
a format like this:

PARAM=value

I would expect awk to return:

value

I would like this command to ignore commented out values. Is there a 
way to extend the above command so that it will ignore the following 
like:

#PARAM=wrong_value

And so that it will return only 'value_new' in the following:

PARAM=value_new # value_old

?

Thanks for the help,

-Josh

-- 
Bush/Cheney '04:
Thanks for not paying attention.