high grade mineralisation at centenary, page-5

Annual report to shareholders 28/3/2013

"The Buffalo deposit is 70% owned by Gondwana Resources Limited (30% Kings Minerals –ASX:KMN). The proposed Buffalo open pit design exploits the BIF hosted deposit over a strike
length of 250m to a depth of approximately 80 metres. The total volume mined is 1.1M cubic metres of ore and waste with the stripping ratio estimated to be 12.2:1.

Operating cash costs are estimated to be A$1,018/oz. It is proposed to mine the Buffalo pit over a period of 7 months, initially in conjunction with the Spring Hill pit.