50% discount to nta

During the quarter the Company reported a profit after tax of $3,763,907 for the year ending 30 June 2009.
As of today’s date the Company’s cash position is $10.5 million and investments in listed companies total an additional $20.54 million.
During the quarter the Company acquired a 29.04% interest in AIM listed Brinkley Mining Plc. Brinkley Mining is an investment company with cash of approximately £6.5 million. The acquisition was made at a cost of 1.85p/share which equates approximately to Brinkley’s cash backing per share.
The Company’s primary investment is a holding of 130 million shares in Tanami Gold NL (approximately 4% of Tanami’s issued capital). Based on a share price of $0.08 the investment is worth $10.5 million and represents an unrealised profit of $6.5 million.
The Company is also due to receive US$3,000,000 (A$3.333 million) as a consequence of the disposal of its Ukrainian gold mining assets to Resource Invest LLC (“RIL”) in July 2007. The funds are payable upon a regulatory milestone relating to the advancement of the Saulyak Gold Project being met.
Assuming a $US/$AUD exchange rate of $0.90 cents and current share market prices, the Company has an NTA of approximately $0.53 per share after receipt of the receivable or approximately $0.48 cents before the receivable based on the issued capital of 63,935,926 ordinary shares.
It is not the intention of the Board that the primary business of Eurogold will be that of a passive portfolio investor.
The Company has examined, and continues to examine, various investment opportunities in resource projects with a particular focus on the gold mining sector.