Ann: Quarterly Production Report - December 2011 , page-9

re: Ann: Quarterly Production Report - Decemb... They sold 35,857 ounces at an average price of $1650 and a cost of $1489. 35,587 x (1650 - 1489) = $5.77 million profit.

However net debt was only reduced from $11m to $6.4m = $4.6 million profit. I imagine the difference of $1.17 million is from costs that aren't included in C3 costs.

Please correct me if I'm wrong but that is my understanding from the reports. I'm a fan of NGF and hopeful of a turnaround but I was hoping for a reduction in costs (not an increase) this quarter and a bigger expansion of their reserves. I am out for now but will be watching their progress eagerly.