gold stock at new highs flying under the radar

Have a look at 31/08/09 full year report company posted maiden net profit after tax of $20.4 million and has a very strong balance sheet see below
Operating costs were controlled well and were below the Company�fs forecast range. The full financial year
net direct cash operating costs were A$715 per ounce, below the bottom range of the forecast of between
A$720 to A$780 per ounce. Management has committed to continue to explore all avenues to reduce
costs and increase productivity with the aim of at least maintaining production and profitability at the
current levels.
Total revenue for the year to 30 June 2009 was A$96.7m, a 36% increase on the previous 12 months. The
increase was due to several factors. The gold price received during the year increased, ranging from A$914
to A$1,519 per ounce, with an average price achieved of A$1,179 per ounce. This compares with the
A$905 per ounce price achieved during the 12 months to 30 June 2008.
The Company generated Earnings Before Tax of A$22.2 million and a maiden Net Profit after tax of A$20.4
million following the provision for tax of A$1.9 million.
The Company generated net cash of A$25.5 million for the year leaving it with cash balances at the end of
the year totalling A$32.6 million, excluding bullion. The capital investment in plant and equipment,
capitalised mine development and exploration totalled A$17.1 million.
The Company�fs balance sheet was in a strong position at year end with net assets of A$68.0 million (2008:
A$25.4 million). As reported during the year, Norseman re�]purchased outstanding convertible notes with
a face value of A$15 million for A$10 million, leaving the Company debt free aside from equipment hire
purchase commitments. Working capital stood at A$20.2 million (2008: (A$3.9 million)).
With a new 3rd mine due to start next financial year the share price should keep going up very strong interest with gold at $1000 USD.
Have a read up its a good story