Ann: Kingsgate Financing Update, page-28

I have to say I'm not a buyback fan if it means we are having to fund it through debt @ minimum of 12.5%

If the emerging -

- increasing production through plant no1
- reducing AISC
- increasing gold %
- ability to pay divvies
- reducing debt though positive cash flow
- increasing LOM through exploration

don't shift the dial on sentiment and demand and bring in the buyers and volume, then nothing will.

The buyback does have its place, but at the right time.

Anyone short selling into this momentum requires balls of steel and I just don't see any serious operational obstacles at this point.

Wazz