Cash operating costs down to $A743, and working to improve on this.
New mine being developed will boost revenue and profits (60,000 ounces pa from end of 2009). This will lower average costs for NGF and just about cover the hedge (if it is still enforceable.
They should be able to buy up the convertible notes over time so as to avoid dilution of current shareholders. Looks like they have plans to spend $5 million on them in the near term.
It may take another one or two such good quarterly reports before the market wakes up to NGF.
I hope it drops a bit so I can buy a few more cheaply.
loki
NGF Price at posting:
16.5¢ Sentiment: LT Buy Disclosure: Held
