Ann: Trading Update , page-20

Its a pretty sound result considering the move down in the POG. My view is we may have seen a bottom in gold at $1180, obviously its early days & this is yet to be confirmed, however I don't see the risk/reward ratios on shorting gold here particularly when we have already seen some high cost mine production curtailed & mine closures. Even the big boys are suffering from their over eating at the trough! I like the fact they are being conservative in the current environment & if I'm right about gold & we see it back to $1400-1500 range with a Aussie trading around 90c possibly lower then things will start to look pretty rosey again for this company. All producers will only start to perform with a better POG & the better ones will shine. I am still targeting around $1.20 for NST.