Ann: Increase in Padding Resource, Homestead Grad, page-3

re: Ann: Increase in Padding Resource, Homest... Yes, good news. If the gold price holds above $1,300 and costs are reasonably tightly controlled, and the proceeeds from the coal sales are received, the debt should be paid off in 12 months. If we get the boost in the gold price to around $1,450 - $1,500 which many people are tipping, the debt might conceivably be cleared by the end of 2011.

Once the debt is out of the way, NGF will compare very favourably with companies such as IGR and SAR, and should command a similar share price (somewhere around 60 - 75 cents?).

I bought back in yesterday, as I had been thinking for some time that NGF was extremely good value at 17 cents, and after today's announcement I'm feeling even more confident about this stock.