Ann: Project Update - September 2010 , page-10

roaster

This has been explained many times on the MUN thread.

Have a look at MUN's most recent presentation - see how little cash it has. It has no JORC reserve/resource in Peru to back up its view on how much gold there is to support a mine. MUN is running at a loss, hopefully soon profitable once Crista is operational. When that happens MUn's share price will rise, it will have the funds to explore its tenements to derive a JORC reserve and raise capital on a much more reasonable basis (less dilution). All of this will take time.

Have a look at MUN's quarterly statements, and Keith Goode's (Eagle Research) report on MUN's website.

Read. Think. MUN is high spec/high reward if they succeed. My expectation is that if the gold reserve is there then the Peru project will be operational in 2013.

I think MUN could hit 30-40 cents on the Brazilian
operations over tne next 6 months if thy are successful.

loki