You need to have a look at its past quarterly reports. NGF has a large low grade deposit, and was operating at a loss in the September 08 quarter and maybe just profitable in the December 08 quarter (due to falling input costs and higher $A gold price).
BGF has a lot of upside potential if the gold hedge is voided and the $A gold price stays up or goes higher.
I think NGF could trade at 30-35 cents if they come up with a good report for the March quarter. If the gold hedge is voided then it could be at around 70 cents.
loki
NGF Price at posting:
15.5¢ Sentiment: LT Buy Disclosure: Held
