Ann: Corporate Update, page-32

We both see the appointment of a professional CFO as a positive development. It is a major step forward by management even though they probably had little choice.

I sincerely hope that Kingsgate has sufficient financing now to embark on a new and exciting era of mining. Anyway, I would like to think our new CFOwill quickly sort things out, if that is not the case.

You have had your view about management’s competency on the financing front, and I have had my view. What has happened is now firmly in the past.

I am most happy to have professionals run Kingsgate. Align their interests fairly with the owners of the company by incentivising them with a decent and fair options package. Speaking generally, in principle, preferable to issuing them to financiers. If we all do well, there should be no problem.

Cheers to a brighter future for Kingsgate.