Ann: Quarterly Production Report - December 2011 , page-25

re: Ann: Quarterly Production Report - Decemb... what makes you think ngf troubles are over.

Looks to me like same old.

Ever since production started, they have promised more ounces and lower cost
and every quarter almost they have some excuse for why they did not do this.

BUt the real reason is grade. Mill is running at maximum capacity.

Production up and costs down only when grade increases.

I am not convinced that exploration around Paddington will hit a big enough high grade resource to do this.

So unless and until AUS$ POG goes above $2000 NGF may continue to disappoint

rumot