Goodbye $1.20, page-66

It's hard to argue with his logic Fitzroy.

Management did not have a second mine that was generating revenue. This is quite a big thing for exactly this reason. It is a risk mitigation play. If KCN had some revenue over the seven years, there would have been no issue with finance at all. No cap raise etc.

Finance has been the problem all through out this journey and it is true that from the day they published their "wish list" of wants that this was a big ticket item. Considering we are mostly all the way through, it is getting to the point where it is not critical necessary for our needs and as such this is an item we asked for that clearly has not come and if it does come was unacceptably late. What can the company do about this? Nothing, is the answer. As the company can do nothing when DPIM held us up for 8 weeks.

I do not want to be negative because it is the errors and the situation that presented and created this opportunity. The opportunity to buy under 30c and to realistically achieve $3 or $4 if you hold long enough.

With all of that said. I am sure every shareholder does not want management making more errors? I for certain do not want this and I am quite nervous by a few things I see.

The fact that they mention a JV for NE. I truly believe this to be a very bad idea. If we are going to spend hundreds of millions developing a new mine, it should be in Thailand. On the path to a sale of the mine. NE is not a good asset. I have this from the top brass analysists in South Africa where I am from. The birth place of real gold silver and precious metal mining. The opportunity cost to investors and shareholders is to great to develop this mine.

In my view, the game plan should be quite simple. Spend a couple years getting the share registry to below 200m shares and drill Thailand flat. Get that 30 year plus life of mine and sell it for 1 billion dollars or more. P.S. that's $5 a share or more. $3.5 is tax free. The rest is halved due to holding more than 12 months.

Take your massive windfall and find a new opportunity with a WAR CHEST.