Ann: Aeromagnetic Survey Results, page-26

As a holder, who has taken a pretty significant hit by getting a bit too carried away with their NAG investment I tend to agree. To my calculations I would expect developers (given their long lead times for securing contracts for such things) to have sourced disposal options for their PASS and other waste by then. (Mostly referring to the rail tunnel project here)

If no contract is sorted by June quarter... or MAYBE Sep quarter - this will sadly be a another case of NAG overhype and them not securing an opportunity to gain a revenue stream to develop the gold. (Edit - I guess the real smoking gun will be when/if contract is awarded to someone else)

I was always concerned about their distance from the Melbourne CBD projects and the lack of news from the AGM has caused me to significantly reduce my holding (at a loss sadly)

On the positive side I note all the investors including the directors that have previously bought in so that does offset my concerns somewhat.

On the whole to me this seems riskier now in the sense that the time frames for targets have been increased - ESPECIALLY if no contract is forthcoming.

This is all in my opinion of course and I sincerely hope that NAG can develop their business as they have advertised.

GLTAH