Ann: Sienna Coal initial resource defined as 57 m, page-6

re: Ann: Sienna Coal initial resource defined... Rabbit

The coal price has plummeted so this announcement does not add that much value at present, although it is a good announcement and gives added future value.

I am looking forward to another fall in the cash cost of production in the upcoming quarterly, perhaps down to $700. That would get the market to re rate NGF more favourably in comparison to SBM which also has a large gold deposit but has a much higher cash cost. If it is properly re-rated is should at least go to 20-25 cents in the short term, and gradually with the hedge out of the way much higher.

14.5 cents is a bit of a steal.

loki