Hi Guys,Apologies for a late post but I only just got a chance...

Hi Guys,

Apologies for a late post but I only just got a chance to write something.

Firstly, I must say that I’m a bit disappointed with today’s price/volume action.

I think that today's announcement was worth at least 13c and not a 10.5 that it finished on.

It’s a bit difficult to say much more that is not said already in the announcement as it’s pretty comprehensive but here are few of my thoughts:

* Silver zone is expanding fast - sensational results. 9m at what is effectively 25% zinc equivalent (9m @ 340.4g/t Ag, 2.43% Zn, 1.74% Pb, and 0.25% Cu) and 4m at what is 45% zinc equivalent (4m @ 731.2g/t Ag, 4.58% Zn, 3.19% Pb, and 0.47% Cu) is outstanding, and with these now coming in bigger intersections this will make a big difference to any mining.

* Higher than expected zinc and lead everywhere at Monty are also very promising and will add weight to the overall project in addition to the silver. Current Zinc price is US$0.89 per pound and Lead is US$0.96 per pound.

* These silver results should start getting us noticed by the silver funds and companies as well as investors.

* As disappointing as today’s closing SP had been, it is all about momentum and we are starting to build that.

* 2 rigs working 24x7 means we will have a flow of drill results over the next few months.

* Once again the company is making strong statements about new projects and consolidation of similar advanced projects in the Balkans. You would think that further size, scale and momentum can only help build overall value.

I was trying to calculate how much extra value does today’s announcement add to Monty’s value in dolar terms but that’s very difficult to do. We know that based on the last valuation (last June for AIM listing), Monty was worth about $32M (more then our current MC). If I’m correct, that value included the first silver results that we received in May so any increase in value over $32M can only be based on today’s results.

IMO, an addition of silver into the JORC (from both announcements) could probably add 30g/t over the entire 10 year mine life (about 400,000 oz pa) which could earn the company an extra $13M per annum in revenue (based on today’s Ag spot price of $34 per oz), for probably not much extra operating cost, which equates to $130M for initial 10 year mine life.

In reality we might make more in the first couple of years hitting hard the high grade silver zones first and lower grade thereafter.

No matter how we look at it, this additional silver mineralisation is very valuable to our company but what will really increase the value of Monty is the increase in JORC and the concentrate recovery rates which will allow us to properly quantify the value of this project.


As always, all in my opinion.

Good luck to all.