Ann: March 2009 Project Update , page-11

If MUN manage to make a profit for 2009 right in the middle of their estimate say EPS of 7c that would mean at the current sp they would have a PE of around 2.5. That seems crazy to me considering there should be another ramp up in Jan 2010 to hopefully around 60,000 - 70,000 ounces at Engenho. Add to that a pipeline of high quality projects and you start to wonder what it is going to take for MUN to be re-rated by the market? I suppose all we can hope for is a solid production profile for the year and some exploration success, hopefully then we will see a move in the sp. I have been stacking these away month by month for quite a while now and will continue to do so at these prices.