moving forward

Ok, time now to get over the past, it's done, so what does KMC have moving forward.

The quarterly today seemed reasonable, given the recent history. KMC has to pick up the pieces, and the directors are probably doing this in the way they know how.

KMC has a gold mine that is still on care and maintenance, during a strategic review period.

Mr Lee and Mr Kwok own 50% of the company, and they are reputed businessmen.

The company probably needs a new MD/CEO, and an exploration geologist if they are going to drill new locations out from the main pit, as well as underground.

I have previously been critical of the board, with reasonable cause perhaps, but someone did actually pick up on the expenditure and call a halt to operations before the cause was lost, and so KMC is still a going concern.

At least this experience will mean that a close eye will be kept on the finances going forward.

The board, and Mr Lee and Mr Kwok, seem to believe they have something to work with, the on-site geology team is still in place, and redundant contract equipment has been returned.

The dilution has been horrible, but it was largely for Mr Lee and Mr Kwok, and was the price for keeping KMC afloat.

I have seen more than one gold stock come back from the dead. It takes time, but it is achievable. And KMC does have options. They have off-take agreements for the toll treatment and sale of ore, they have a link with PXG via Mr Lee, they have good on-site geology staff (from the Barrack days), and the ground will have more mineable gold, which a good exploration geologist will find. There are 2 mining engineers on the board, and there is $4 million in the bank. It's a start.

So, I am not going to criticise the current directors anymore (for anything done in the past). Mr Murray has stepped up, and is signing his name to these ASX releases, showing that the company is being lead. I accept the fact that it has been difficult for the directors also. Whoever introduced Mr Lee and Mr Kwok to the KMC board should be congratulated, and there must be a story there somewhere that would be interesting to hear someday.

Shareholders have had the opportunity to average down, or sell, while the stock has been trading under 1 cent.

This is a new day, a new start for KMC, from now. What counts now are the critical near term decisions moving forward. I for one, don't mind if they just take their time, and get it right this time.

Let us hope that shareholders are emailed the detailed contents of the strategic review, and that it proves to be a very incisive document.

Gw

There ain't no devil, only God when he's drunk.
(Tom Waits - Heart Attack and Vine)