new research, page-5

88c valuation based on 191million shares = $168mil

Add 8.8million issued at 25cent = $2,200,000 (Private Placement)

Add 80million shares to be issued at say BEST CASE 25cents = $20mil cash (SPP)

Add 33million shares to be issued at 34.4cents = $11,350,000 (GMR 15%)

Total = Additional 122million shares for $33,550,000

Add this to the Valuation in the research report = $201,550,000/ 312,800,000 shares = 64.4cents new valuation.

Now i think that is quite Material from the original 88cent valuation!

I think its quite ridiculous to release a 'Research report' with so many unknown variables.

I used to believe KBL would be a $1+ stock and believed that would happen some time this year. But now best case scenario in my eyes is 40-50cents in 12 months, but with all these new raising, sellings, high mining costs, and general stock confusion. Cant see KBL going much over 30 for a long time.

Hope im wrong, because i will buy back some in the SPP.

AND I ADVISE ALL TO VOTE AGAINST THE 80MILLION SHARE ISSUE, THERE WILL BE SHORTFALL FROM THE 57.5MILLION WHICH THEY ARE ALLOWED TO ISSUE WHICH WILL BE GIVEN TO 'SOPHISTICATED INVESTORS' DONT LET THEM GET ANOTHER 22.5MILLION WHICH THEY WILL JUST DUMP.