suspension from official quotation, page-8

Page 22 of the weekend AFR has an short article on NMG.

It refers to a rumour that NMG needs an extra $20m in working capital and $20m to cover creditor payments. I suppose they have not been paying their bills on time, and this would need to be revealed in their annual statements (it can be hidden in quarterly reports).

The usual suspects (PRU/Malaysians/HongHong) are mentioned as likely parties to some sort of new deal.

For what they are worth, my main views/concerns about NMG are expressed in a post on the GRY thread at

http://hotcopper.com.au/post_single.asp?fid=1&tid=1740209&msgid=10087675

I have been out of NMG for some time having taken a $30k loss in total (I would have lost over $100k if I had held my initial position).

Basically this management needs to be replaced, especially Norris.

I hope you guys/gals get a good deal from somewhere or it will be more of the same if all they do is raise more cash. In the current market, a takeover at 35-40 cents would be fair given the large capital expenditure still required to access the gold at the main pit and the time involved in doing that. Essentially, even if things were working out there would be no surplus for around another 2 years. The only game changer would be finding a nearby higher grade 0.5-1 million ounce deposit in the near term that could be processed in a fully functioning plant

loki