Agoracom

excerpt:? We have included a comparison of Kinbauri?s performance over the

last six months relative to indices created for its development peer

group and the gold price

? The development group is formed from the equal weighting of share

price performance of 15 companies

o The considered companies are at a similar stage to

KNB (have a resource, within 2-3 years of

production)

? The graph clearly illustrates that KNB has outpaced both indices

since mid-February, however, this has yet to be reflected in KNB’s

share price

? KNB remains substantially undervalued relative to its peers which

trade at an average value of CDN$66/ Total Resource oz.

? Given the volatility in the market over the last few months, we

believe KNB’s ability to outpace the gold price and its peer group is an

important indication of the quality of the El Valle project

? We continue to believe that KNB should be valued much higher

given the confirmation and discovery of new resources during its

current infill program

? We expect KNB to continue producing results on a bi-weekly basis

for the remainder of the drill program and also anticipate the

completion of the mining study within the next 4-6 weeks

? We reiterate our Buy recommendation and our $2.25 price target

which is based on a 1.2X multiple to our NAV calculation

Regards