I agree with your sentiments on NGF. They still had $26.9 million in the bank (as at 30/6/2008) and will have access to possibly another $6 million by the end of August 2008 if the takeover of Bellamel is successful. I read somewhere they they also intend to sell some surplus Kalgoolie tenements for $1.75 million (if I recall rightly). All up cash of nearly $35 million. I bet a few other junior Australian goldminers wish they had a "kitty" as large as that in the current credit "drought"!
Once Bellamel is "bedded down" and NGF has greater access to a larger variety of ore sources for its Paddington mill, I reckon that she'll be producing 250,000 ozs plus at Kalgoolie (as opposed to its current 150,000 ozs). Add in Mount Morgan, which is just around the corner, and a future JORC for the Middlemount coal tenement and I feel confident of NGF being rerated by the market later this year. Here's hoping anyway.
Goggo DYOR
NGF Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Held
