from 1.27 to 0.77 50 point drop, page-15

Well, achieving minimum IPO amount for Mungana was a great outcome....much better than I thought it would do in this current climate, and good on KZL for getting this far.

Mungana is better than Admiral Bay, and GSelf, IF KZL do go ahead with Admiral Bay, I will be the first to bail out unless they find se higher grade ore.

No point throwing around insults to people who disagree with you thoughts....if you sit back and take in others opinions, you may actually learn a thing or two. I do totally agree with you on a few points though, without the Greece debarcle, there is no way I coluld have picked it up at 51 cents....but it did happen and I did pick it up at 51......

Now....you also state that both Kim and the Chinese dont think Admiral Bay is a dud......and by inference, it MUST be a good thing? I agree with the latter...not so sure about Kim...he is no dill and I suspect he is just trying to get the best value possible out of Admiral Bay for the shareholders......remember a few other projects the Chinese "believed in".....try Brownes Oxide for Compass Resources a year or so ago.... Compass and Chinese belief did not translate into a cashcow, quite the opposite.

The fact I bought back into KZL demonstratred I DO beleive in the current value in KZL, DESPITE Admiral Bay. Mungana has already delivered more than I thought in the form of some cash from the IPO, and whilst it holds more promise than AB, I still think it is hard yards ahead, based on tonnage grade and depth, plus a few "rough" NPV calcs based on real life similar rprojects asa basis.

Every share has a point where there is value (Buy) and also where it is overvalued (sell). KZL appears to be well into value atthe moment....happy days for us.

I hope I am wrong about AB. It will take a few higher grade, thicker intersections than they currently have to convince me, but you seem happy, so good luck to you.

Until then, KZL's MT Garnet and Flying Fox will do me nicely...they ARE good projects.

By the way GSelf....apart from blind faith and a belief in Kim andf the Chinese.....what exactly makes YOU think Admiral Bay is a good thing? Have you run financial models over it, have you estimated capital and operaitng costs?? I have, but am more than interested in others data, just not that interested in cheap shots backed by no data and no facts.


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