NAGI haven’t posted for quite a while. Why people in the BBare so abusive of other’s post?
Believe it or not, NAG has been a looser in the contextof the general market. So are we the shareholders. We’ve been waiting “good” newrelease since Mine#1 started production one year ago. What we’ve got so far? I’drather believe what Suchy said I is right.
Mine#1: produced about 10,000 ton of coal in about half ayear. One auger can easily dig out 300 ton of coal in several hours. The twofigures are not consistent!
Mine#2: started production on August 4 with the firstshipment of coal on August 23. As per Financial Report to September 30,coal revenue is only some $20,000. Cannot say that Mine#2 is currently activelyproducing.
Mine#3: Permit has already been issued. New release? PP: initialnews release:
.12 per unit for total proceeds ofup to $1,800,000. Most importantlypartial capital will go towards the posting of the bond on the upcoming NorthAmerican Gem #3 Mine. In fact, only $29,800 was used for bond! It does not seemthat NAG is planning to fullyexploit this mine in the near future? But even if no coal is produced atMine#3, NAG has still to pay a royalty of $20,000 a month.
If NAG cannot make the mines work immediately, that’sgoing to be a problem in the near future, as the daily expense is still substantial, cash will bedrained out very quickly and mining will be delayed without question (winter iscoming!). By early next year when the mines are about to start, another roundof PP will surely be there.
If NAG can cash LL, that would be dearly and will give everyone abreak.
I feel as if I am being cornered as I keep holding thisone and waiting for good news. Let’s see what NAG brings us next.
Shellfish