Here are some comments on the Noble Half Yearly Financial...

Here are some comments on the Noble Half Yearly Financial Report, released 13 March, 2013.

Of what purpose to the board now is Mr. Naquiyuddin and Ms. Xi Xi?

Why is Mr. Ho still the company secretary, when the CFO Mr. Palmbachs is also a fellow of chartered secretaries Australia?

And why does a company the size of NMG have a financial controller, and financial accountant, and a financial officer, who all have the same qualifications? One or two of these should also be let go.

The excess of redundant personnel employed by NMG, for a small cap ASX listed company, is quite extraordinary, and financially very wasteful.

We have identified 6 persons who can be let go without any effect on any company function or performance. It makes you wonder, what are all these people doing?

Staff costs and benefits for the NMG financial year 2012, amounted to $5,637,000 - ie. well over five and a half million dollars. And provisions for employee benefits
amounted to $1,309,000 - ie. over $1.3 million dollars.

$465,000 was spent on travel and accommodation. Plus $329,000 for the lease of office space.

NMG incurred $133,000 in bank charges during 2012. How can a company with 3 highly qualified accountant, financial controller, and finance officer staff allow this
level of bank charges? They were also responsible for paying out $813,000 in insurance costs, that is almost $1 million a year in insurance. So why wasn't one of these 3 accountant/financiers, or the 2 finance experts on the board, looking at these issues, and at the very least researching cheaper insurance coverage?

The former MD was paid $599,000 termination benefits, plus leave entitlements totalling $241.097, plus relocation costs.

This has to have been one of the worst run, financially wasteful, resource companies listed on the ASX in recent times.

Shareholders, this is what was happening with your money.

Once the new Chairman and Managing Director are appointed, Thomas should also be let go. It is time for a fresh beginning, and for all the old cast and crew to be gone.

Naquiyuddin, Xi X, Ho and Thomas, and at least 1 financial officer (and perhaps 2) should be let go. Palmbachs should also take on the secretarial duties.

The board of NMG should then consist of -

New Chairman
New MD
Beilby
Wellborn
Gyasi (Ghana based director)
Plus, another "technical" mining director from Resolute.

These 6 should make up a re-energised and re-vitalised board of NMG.

Why is the gold and boiler room being converted from diesel to gas? It is an expensive exercise to construct and build a gas plant, especially for a company that has very tight funding.

Why was a decision taken to convert Bibiani to gas, at considerable expense, before the gold plant had generated significant profits (which could then have been used to pay for a gas conversion, if absolutely necessary)?

THIS WAS REPORTED BY NOBLE ON 12 MARCH, 2012.
Noble Mineral Resources is pleased to advise that significant progress in the commissioning of the refurbished processing plant at its Bibiani gold project in Ghana has helped ensure the Company is on track to pour its first gold prior to end of month. Noble is advancing the ramp up of production to 150,000 ounces a year through 2012.

THIS WAS REPORTED BY NOBLE ON 13 MARCH, 2013
( 1 Year after the Previous Announcement ).
15,762 ounces of gold was produced in 2012.

Gw