This is the time to Invest!, page-45

Yes it still amazes me what NAGs already has in Oxide Gold Grades at Clonbinane & Wandean. But they have put on this on the back burner to go after what they think is going to be Multi Million Oz of Gold - via Sulphide Gold Deposits.

Clonbinane has great grades as per the 2014 Annual Report: (quote)

The current Inferred Resource for Clonbinane of 609,000 tonnes at 2.4 g/t gold for 47,000 ounces of gold. ... Total operating costs could be less than A$500 per ounce of gold produced. That includes transport to NAGs site for processing the ore.

That's a profit of ($A1,800-$500) = $1,300/oz x 47,000 oz. That's $61M profit wait'g to be made and they already have a Mining Licence. That's just the JORC Resource at Clonbinane. Does include the rest of Clonbinane or Wandean.

So why would Nags Management have left it in the ground and gone after 1) Additional ELs and 2) Exploring for Sulphide Gold (Aeromagnetics, IPs & Diamond Drilling?)

Well the Answer is 1) they wanted to stitch up as much ground as possible in ELs before it became Industry Wide Knowledge and 2) They are convinced the Sulphide Gold Deposits are going to produce profits 100x more than the $61m at Clonbinane.

Gutsy call maybe. But it's theirs to make and remember their dollars are also at stake, given that the Directors hold about 50m Shares. That's just the Gold Story.