roboshan, I gave NGF a call the other day, the first time I have...

roboshan, I gave NGF a call the other day, the first time I have ever done this.

It was good to hear what they had to say, how true the future will tell us I guess.

The guts of it was what we all pretty much know.

70,000 oz a year hedged at $875 US a oz ( i think may have been 880) till 2012, which I think is a pretty good each way bet for knowing some of the income, of course others may disagree which they have a right to.

Gold is sold twice a week

currently producing 150,000 oz a year and looking to get to 350,000 oz a year in the next few years

underground getting going to feed paddington mill which should lower production costs from the current $660AUD a oz

currently drilling to define the underground resource which they expect to be between about 600k oz to 1.2m oz. which they are doing as cost effective as possible was mentioned.

Mt Morgan getting going in the next 18 months with 4 years for sure and up to 20 years. Also no current liability for previous enviromental damage and have a plan worked out to improve the current state of enviromental situation with their mining methods.

coal at middle mount will be possibly joint ventured so as not to burn up capital.

They or at least the person that I was talking to on the phone was saying that the company is being very carefull about keeping the working capital up as high as possible and not letting it dwindle away hence the jv ideas for the coal etc. Nothing set in concrete for the coal as yet understandably.

Not putting too much value on the coal my self these days as by the time it happens then the coal market will most likely be very different. For example BHP plans to more than double it's coal production by end of the next 3 years let alone what xstrata and anglo have planned so the coal market may be a very diffent place by the time NGF get cracking with their coal.

Bottom line is for me is when to buy a few more as my average is now 24.5 cents. Who knows they could shoot up in the next month or spend years where they are or even get cheaper.

One would think that 65 cents shouldn't be out of the question again one day but when?

Best of luck to you all