re: Ann: RSG: Resolute Reaffirm Superior Fina... I went back and...

re: Ann: RSG: Resolute Reaffirm Superior Fina... I went back and re read recent ASX releases from NMG – as authorised by Norris.

If you go by these releases, full commissioning is always “just around the corner”

The ASX release dated 10 May 2012 stated they completed a maiden gold shipment of 2412 oz of bullion. That means since then, in 5 and a half months of further commissioning, they have produced about 6,000 ozs of gold/bullion or just over 1,000 oz per month which annualises at 12,000 per year.

They further stated,

“All outstanding crusher parts are at the Ghana port awaiting customs clearance which is expected before the end of May with the final installation of the crusher in June.”

Let’s analyse that:

10 May ALL crusher parts at the port
24 October – still waiting for the critical crusher parts to arrive and when they do, it will take 3 months to get the crusher parts installed and up and running.

How can Norris possibly justify the discrepancy?
Remember this crusher issue has been going on for at least 9 months if not 12 months.

How can someone being paid about $500T a year with various bonuses,
justify the delay
justify the misinformation
justify the lack of any progress.

A further important consideration is that the 3 months does not begin until the so called parts arrive on site.

Therefore, when will the parts arrive”?, and are they still sitting at the Port?

You make your own conclusion about the honesty of reporting.

IMO the only way this company can embark on any turnaround is to take the RSG deal. If the current management are allowed to continue, then IMO there is no chance of survival for NMG.

Hopefully if RSG get the nod, they will get rid of current management.