Ann: Kingsgate Financing Update, page-74

Incredible amount of baloney here about the funding and what they coulda, woulda, shoulda done.

The simple reality is they looked for funding and they took the best deal on offer.

Period

Someone said they RFP'd the request, which i take on face value, but regardless, they would have asked in the market for a quote, negotiated with a short list and selected the best option available.

Other companies cost of funds are a good indicator of ballparks, but no other entity is the same as KCN, so only indicative. Also, the market funding rate now is unique as regards current cost of funds and same applies; other recent agreements are useful as regards trends and relativities, but Kingsgates reality and quote is what is relevant to us.

The deal is done and we are ready to move on.

This is a real enabler and provides a very solid foundation to expand both production and reserves and we should applaud and move on.

No mean feat for a a recently near bankrupt Thai gold miner shut by the junta to borrow USD35m.

Being in USD too is nice as it aligns out revenue currency with our funding liability.

Wazz