3 million ounces, page-34

re: * 3 million ounces question to marvin Marvin,

the OX comments were in regards to cashflow-not cash.There is a significant difference in terms of profit and balance sheet effect. If the OX simply required cash it can raise it quite easily.

Golden Grove offers the cashflow effect-cashflow not just in profitabilty but in significant depreciation/amortisation benefits.

The OX ground position next to Chatree-has far more significance to KCN than OX, simple as that.

KCN ownership structure-lots of good corporate structures-why has not one of them been implemented? Clears the air fairly quickly without leaving the issue uncertain.

Changes of leadership are a fact-it is not a reflection on those that have moved on, more on those that stayed behind. The Chairman in particular.

The grade argument-the drop in grade comes straight off the bottom line. Will it still be profitable-should be, but certainly not to the same extent as before subject to the gold prices remaining constant. The increased through put rate will not be enough to cover the grade differential of 2.56 down to 1.9 in terms of profitability.

Cheers, TAS-who still comes from the industry!!!