Ann: Kingsgate Financing Update, page-119

I think you have invested in the wrong company, This is a high risk high return game. It is a game for speculators .

You need to understand that without the brinkmanship skills of current management we would have a billion shares on issue and the share price would be 40c.

That is what most career executives would have done. I have seen it over and over again in mining companies. First sign of trouble ring the brokers and raise cash at a discount.

Who cares if they have not yet mined the gold they said they would mine last year. 50,000 ounces is now worth an extra $25million than it was 6 months ago .The stuff just keeps on going up in value sitting in the ground . Why bother mining. Wait two more years until the gold price is AUS5000 then start mining!

the safe way to play gold equities is the GDXJ. But then you do not get the potential upside from significant exploration success which is what makes this stock interesting, it is like investing in the Kalgoorlie gold fields circa 1975

By way of disclosure I sold 1/3 of my holding into the Sept /Oct 21 spike, bought back a few. KCN is my biggest holding . I piled in after they settled with Zurich when the market was still asleep at the wheel., I should sell down now, but I have a free carry on my holding so the attitude is different to when you have capital at risk. I only have profits at risk, but those with capital at risk should of course be using a stop loss.