Ann: Investor Presentation, page-15

The investor presentation was interesting to me. Filled out some details which confirmed that company is definitely committed to what the CSIRO has called a "paradigm shift" in exploration - overused term I know - combining geo chem, geophysics,and structural geology. Increases the possibility of drilling success and a much better picture of the overall potential of the tenements.

Iron King is interesting inclusion ... agreements in place for Desdenona recently announced, now IK drilling. I think speculation that the directors are aiming to sell off Cardinia are way off the mark, but high grade discoveries at IK might result in some kind of sale or JV. Watch this space now for plans re. Mt Flora and Redcastle I imagine .. they are systematically working through Kin E and Kin W tenements. I am also keeping my eye on Raeside which has a resource ... GMD are in a trading halt pending announcement of a major tenement purchase ... I will interested in that announcement tomorrow.

I am relaxed about production. All the work has been done to remove uncertainties around mill viability and costs, short of actual final quotes, and at the current GP there is viable project there already, with a lot of work in the bag. There are also deep pocket major holders willing to keep putting in the exploration dollars ... the rest of us have a choice whether to do the same or accept dilution. It is exploration which has to be paid for eventually, if not now then from cashflow once the mine begins. The potential upside are the kind of announcements that sends the SP shooting up.

Tactically using the increase in SP this year to raise more exploration dollars makes sense to me ... the potential return from $ spent drilling is quite exciting. It looks to me as if the plan is for 6 months of newsflow to push the MC towards $150 - $200 M . The higher the MC the more viable raising $70 - $80 million for construction.

Summary; a lot of work is in the bag for the mill, and there is already a resource and reserve. But going with cutting edge exploration in such a prospective area with historic high grade mines is a bit of a no brainer - if someone was to buy Kin out it would be to do just that. Better that we current shareholders do it and reap potential benefits.