Well to cut a long story short NGF had a very solid March Quarterly report with major cuts to operating costs and increases in production, they produce around 150,000oz a year and this should increase towards 250,000 by late 2010 once they've brought on a couple of new projects.
Cash levels are very good at $40mil+ and should continue to increase for the FY end, although it's unclear whether the company will book a profit this year after some issues in the first half (high operating costs and failed pits).
Personally I'm a little worried about POG and the exchange rate affecting future income (specifically the coming quarter) but IMHO the company is still a screaming buy at the current price.
There is some risk in hedge contracts the company held with Lehmann Brothers & convertible notes which I won't get into as BH! and others have articulated the situation much better than I can, see their previous posts for details.
DYOR though.
NGF Price at posting:
22.0¢ Sentiment: LT Buy Disclosure: Held