buy recommendation maintained, page-4

Thanks rayray, who could leave it? Regrettably not me:)

Mention was made of redundancies both in the announcement and by a poster here as cost relief.

Don't see how this over comes the problems set out in the announcement:

While the North Royal open pit has continued to ramp up and produce ore broadly in line with schedule, the OK Decline has continued to make slow progress in its ramp up, and the existing underground mines, Bullen and Harlequin, have continued to struggle to lift production to acceptable and forecast levels with treated tonnage and grade below expectations.

The underperformance of the underground mines has had the double headed effect of producing lower tonnes and consequently poured gold, as well as reduced volumes of hard-rock ore with which softer oxide ore from North Royal can be blended.

As a result, as at the end of March 2011, Norseman currently has a stockpile of lower grade ore, approximately 12,000 tonnes at 1.7 g/t gold, from the North Royal Open Pit awaiting blending material to allow it to be treated."

The company seems to be no closer to solving the problems that have been well documented.

NGX is having a good day today and bucking the UK trend but I am unconvinced. A lot of trading interest here and good luck to all, but that's not going to help me.

Wonder how many will hold the risk over Easter. See how she goes tomorrow.