Ann: Positive PFS for Admiral Bay Lead-Zinc-Silve, page-15

re: Ann: Positive PFS for Admiral Bay Lead-Zi... Hi gself, I do admire your optimism and true belief in KZL. After buying into KZL earlier this year I do enjoy your succinct analysis.

I hope your right with Ad Bay. The results dissappointed me.

Im concerned with a timeline of 2018? Why so long when supply is supposed to contract by 2014-15. Im well aware of the necessity of organising a JV,capital constraints etc. But if this is sorted in the 6 months as planned and the BFS takes only a further 2 years I begin to question whether they plan to swim to China with cap in hand and the BFS between their teeth??

Im concerned that the unflattering figures were based on prices that were over 25% higher than current lead and zinc prices.

Im concerned that the estimated cost of the BFS is higher than a fairly generously concocted NPV.

I do know that the figures were only based on 10% of the known yet unproven mineralisation at Ad Bay and the NPV could be substantially improved based on a larger scale project. CAPEX would obviously remain about the same in both project models so this is a given.

Anyway, I remain commited to KZL long term but will personally look forward to professional feedback on the PFS. Lets all hope the numbers can and will improve with time and a willing JV partner can be found!