new low, page-2

Possibilities:

- Things are much worse than we have been told and it is being sold down on leaking of the true state of affairs. However, this doesn't fit with the recent release of the rights issue prospectus for the convertible notes which contains no downgrades

- Chairman and CEO on way out but RSG have not yet taken reigns, so it's a rudderless ship with nobody spruiking the story and no catalyst to buy

- Someone is getting sold down on margin and this is feeding on itself as more stops get hit. Chart/trend following causing even more selling.

Given the net assets in plant and equipment, and size and grade of the gold reserve and resource, and potential operational profitability - something has to give soon. Less than 6 months ago BBY valued NMG @88c per share (down from 97c per share) allowing for need for $55m of new financing and allowing for additional stripping costs.