Ann: Quarterly Production Report - December 2011 , page-27

re: Ann: Quarterly Production Report - Decemb... Agreed,

The key for NGF is when it reaches the point of being net debt free (this quarter presumably), It'll put is in the box seat for a rerating once we pay off the debt and start having positive cash flow for major drilling campaigns and/or dividends (unlikely with our reserve).

Take a look at NST from a year ago this time, they cleared their debt and had the stars align with massive drill results and good sales last 2 quarters with an elevated gold price, I dare say we could be repeating history this year.