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Norseman Gold

May 2011

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

  • Epic Code:
  • NGL
  • Price:
  • 17.5p
Disappointing update from Norseman, which said that whilst its North Royal open pit has continued to ramp up, its older underground mines Bullen and Harlequin have struggled to lift production to acceptable and forecast levels with treated tonnage and grade below expectations.  As a result  production for the year is now forecast to be 55-60,000 ounces. Consequently operational gearing at the mill has worked in reverse and Norseman will report an operating loss of A$5-A$8m for the year to 30 June. Given that just a couple of weeks earlier the company was interviewed on the newswire saying mine developments remained on track, some investors clearly feel misled. If Norseman continues at current levels of production, cash r ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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