I agree sirdean. Whilst debt is high ($50m), NGF still has $36.8...

I agree sirdean. Whilst debt is high ($50m), NGF still has $36.8 million cash in the bank (excluding $18.8 million in cash-backed security deposits), with $15 million yet to come from the Queensland coal sales (due February 2012 and February 2013). In theory then, NGF's existing debt is matched by its cash on hand and cash due from its asset sale.

The capital cost of creating an operation the size of Paddington would be beyond the reach of most emerging gold producers in Australia and with NGF consistently producing 160,000 onces per annum (even at the higher cost end of producers), it will soon be on the radar of investors wanting to catch an uplift from surging world gold prices.

Regards,

Goggo