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Gold/Mining/Energy : Zenda Capital Corp.

TRR 17.55

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Jul 5 5:00 PM EST

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From: E. Charters	11/23/2004 11:53:46 PM
	of 217

Some mines struggled on through the malaise and continued to produce. KGI's Macassa mine in KL was a case in point. At 0.50 ounces per ton, they were grade-insulated from closure. It is generally considered easy to make it at those grades. It was no sinecure at Macassa as they were a deep, "shaky" mine albeit with an expert crew of seasoned underground workers. Before KGI came along they had a few accidents at extreme depths. Macassa's shaft was down about 8500 feet. What KGI decided to do was see what ore they could develop above the 4500 foot level and start there. That was something they could handle. They also decided to mine laterally. The continuity of lateral ore is very good in KL. Orebodies run from mine to mine along the break with infernal consistency. It would be a good idea to have lateral extension and KGI put together the best few miles of that existed. Right through the best mines of the camp. KGI has said that they intend to put together 20 million ounces of gold reserves eventually along that break. They aren't kidding. I would say it is there. They have even said that their present exploration mandate is to amass 3 million ounces of gold by the end of next year, - so I have heard. That may also be a possibility, but I am not sure I would bet hard money on it coming out precisely that way. I am sure I would bet on near a million more than last year. I am not sure where that puts them. Ahead, let's say. The sign on the highway outside Kirkland Lake says "Welcome to Kirkland Lake, Population 10,000". KL's population is more like about 8,000 nowadays. It's newspaper, the Northern News is published thrice weekly. It tells mining stories as front page news. One such story on Nov 1st this year was an interview with Stuart Carmichael, the head geologist of KGI. I will shamelessly plagiarize and precis the gist of the story.

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