Ann: Investor Presentation - January 2016, page-35

"I assume your not holding KDR for the current mining at $1,400+ AISC, but for the potential down the track? No different here."

You can read what I've written about KDR today if you like on the appropriate threads. The difference is I'm not banking on the price of gold with KDR, I'm banking on the fact that Burbanks produced 366,340oz at 13.9gpt and my gut tells me that it has potential to produce the same again. I've target high grade Aussie juniors in the past and most have normally worked out for me. The problem with KDR is they are going mining without a resource. That's OK with me as I'm still enjoying the company's Gung-ho style and my experience tells me it has a good chance of succeeding at Burbanks (until it doesn't). It is a $10 million market cap company for heavens sake you can't tie me to a stake with it and the $1,400 number is totally meaningless in the context of what they are trying to achieve. I like having a few speculative plays that meet my own criteria (who doesn't). Sometimes they work out sometimes they don't. The fat lady hasn't sung yet for KDR. Let time be the judge. Eshmun