Ann: Quarterly Activities Report , page-5

Partially agree SG - but plenty of the ""cost blow out"" can be attributed to Bonikro which resumes operation come the end of May - refer page 7 of production report. Higher aud than anticipated would also be having a negative impact on costs.

Exploration continues to show promising results across various localities - NCM have a second to none exploration record. I am more interested in exploration successes and ounces in the ground when looking at value in a gold miner. There isn't a miner on the planet that won't have production shortfalls / issues form time to time - thats the nature of the business.

My final thought after reviewing numbers plus listening in on CC is that I fully expect next quarter to be a barn burner - production guidance has been lowered so targets should be easy to hit unless we see further unforeseen weather events - when "new boy" Robinson announces next quarters numbers the " new boy" will be made to look good when NCM hit production guidance and shows improvementsin cash costs.

Again short term stock gyrations irrelevant imo - every dip should be strongly bought unless your of the opinion that gold revisits $1000 an ounce before its hits $2000 an ounce.