presentation to melbourne mining club, page-4

Hi Sillak

It is indirectly $0...but it's simply use of the copper credits offseting the actual costs of production. Bascially the message in my view was that if you consider the revenue from the copper, that will be more than the costs of production so the 60G oz gold produciton is effectively 'free carried'. I think in fact Simon understated it...the copper credits would actually make production costs significantly negative in my view!

I was actually at the presentation last night, and I can assure you this comment received a VERY postive response from the audience.

On the presentation itself, there was a MASSIVE turnout (largest I've ever seen for a Melb Mining Club cutting Edge session) and judging by the way Simon Milroy was swamped after the session, no doubt a significant amount of the audience was there for Kentor (there were three companies presenting as usual).

Personally for me there was nothing very notable in the presentation because I pretty much knew it all already. The audience on the other hand were suitably impressed. During question time, TWO people asked the same question about HOW Kentor managed to acquire the project so cheap (ie $10 per gold oz).

The only disappointment for me was not to see a slide on Savoyardy. Whilst it is playing second fiddle to Andash, I think it is an important addition and should have been addressed a little more. But the presenters only had 15 minutes each, so i guess it was understandable.

I had plenty of questions I wanted to ask Simon personally, but unfortuantely he had to zoom off and I figured I'd let the rest of the audience have a piece of him :-)

The other presenters were Saracen and Dragon Mining. The former didn't impress me. Dragon Mining on the other hand was an interesting presentation and I will be taking a closer look at it over next few days (though the number of shares on issue puts me off).

Cdchi1