september quarterly, page-13

Hi Topwon,

Given the information that is released today, and if the OPEX is still in the $USD450-$USD500 per ounce then I am extremely confident that a Joint Venture will be settled.

These numbers to date are fantastic.

Obviously the terms and conditions of the Joint Venture is going to be the key for valuation.

If its a 50:50 Joint Venture with the major partner forking out the CAPEX then NKP should be well above $1 per share once the JV is finalised. I do apply a discount because of management...so somewhere $1 would be fair. Then again you are worth what the market is willing to pay.

I have more than doubled my position. Holding nearly 450,000 of these among various family members and myself and I am looking for more.

I am upgrading this to a LT Buy sentiment rather than None. For the first time I can see that this company is becoming investment grade. Even our crappy management should not stuff this up...well at least they can see NKP into a Joint Venture.

Topwon you seem to know much more of the workings than me ... you want to take a guess as when NKP could finalise the Joint Venture?