KENTOR GOLD LTD
ACN 082 658 080
Lead Manager & Underwriter: Tolhurst Noall Limited
Co-Manager to the Issue: Melbourne Capital Ltd
Financial Adviser: Investor Resources Limited
Strategic exploration play in
the Kyrgyz Tien Shan
Important Notice
A Prospectus dated 31 January 2005 was lodged on that day with the
Australian Securities and Investments Commission (“ASIC”). The
Company has applied to the Australian Stock Exchange Limited (“the
ASX”) for admission to the official list of the ASX and permission for
the Shares offered by this Prospectus and the Existing Shares to be
listed for quotation on the ASX. ASIC and ASX take no responsibility
for the contents of the Prospectus
No person is authorized to give any information or make any
representation in connection with the Offer described in the Prospectus
which is not contained in the Prospectus. Before deciding to invest in
Kentor, potential investors should read the Prospectus in its entirety
and, in particular, consider the risk factors set out in Section 8 that
could affect the performance of Kentor. You should carefully consider
these factors in light of your personal circumstances (including
financial and taxation issues) and seek professional advice from your
accountant, stockbroker, lawyer or other professional advisor before
deciding whether to invest.
Kentor – the Company




Kentor Gold Ltd – a gold explorer and project
generator, operated in the Kyrgyz Republic since 1998
Kentor is focused on the Tien Shan of Central Asia – a
region now emerging as a world-class gold belt that
has the potential to deliver multi-million ounce, lowcost orebodies
Large tenement holding of 3,675 km² granted
tenements, including the strategic Ertash license
surrounding the Centerra owned Kumtor Gold Mine
(+12Moz)
Including the IPO will have raised over almost $10
million. Exploration to date has generated gold targets
ready to drill
Directors & Management
Directors





John Barr, Melbourne - Chairman
Andrew Daley, Melbourne - Non-Executive Director
David Royle, Brisbane - Managing Director
Hugh McKinnon, Bishkek – Director & Country Manager
Orozbai Tohtonazarov, Bishkek - General Director CJSC
Kentor and Director of Kyrgyz Geophysical Expedition
Consultants
Global Ore Discovery - Stephen Nano and Daryl Nunn
Capital Structure
Shares issued May 1998 to 30 Sep 2004
Raised in excess of $3.7mill
22.15 mill
IPO (Raise $6mill @ $0.50)
12.00 mill
Total
34.15 mill
Market Capitalisation on Listing
$17.08 mill
Post IPO the largest shareholder will hold approx 7%
Existing Options
4.3 mill exercisable at various times before March 2007
at between $0.21 & $0.45per share –escrow 2yrs
 3 mill exercisable at $0.45 per share before March 2007
 2.9m Exec. Options exercisable at 125% - 175% IPO price

10.19mill
The Kyrgyz Republic
– straddling the Tien Shan belt
KYRGYZ REPUBLIC
& Tien Shan belt
Top 20 gold
producers
The Kyrgyz Republic







Land-locked independent republic in Central Asia approx
same size and population as Victoria, bordered by China,
Kazakhstan, Tajikistan & Uzbekistan;
President holds executive powers, parliament has broad
legislative & constitutional power;
Kyrgyz currency – Som, is freely convertible at a floating
rate;
Member of the World Trade Organisation
Mining represents a significant part of the economy with
gold comprising 35% of export receipts, Kumtor Mine has
operated uninterrupted for 7 years
Favourable tax changes to encourage mining investment
are proposed
Mining law has many features of Australian Mining Law
Operating Structure





CJSC Kentor holds licenses & manages
activities in the Kyrgyz Republic
Owned 80% Kentor Gold Ltd, 20% Kyrgyz
Geophysical Expedition (“KGE” – a state
organisation)
Permanent staff of 6 in Bishkek
Global Ore Discovery manages exploration
activities
KGE - preferred contractor for field
operations
Kentor Tenements
Ertash – Strategic Tenement
Gold Targets – ready to drill
The string of gold beads
ERTASH TENEMENT
South West Deposit
KUMTOR MINE
12M oz
SARYTOR PROSPECT BORDOO PROSPECT
Kumtor Panorama looking south
Akbel-Kentor
Prospect
Project Generation


Using a team of experienced & successful
people to apply new technology & a proven
generative approach to an under-explored belt
with a world-class pedigree
By integrating state-of-art satellite mineral
mapping with proprietary GIS database
Soviet Geochemistry
 Soviet Geology
 Soviet Geophysics
 Structural Analysis
 Permissive stratigraphy interpretation
 Aster alteration mapping


RESULT - new targets identified and tenement
applications lodged
Exploration Budget AU$
Projects
2005
2006
1,284,000
1,550,200
42,400
51,500
31,400
30,700
657,000
34,900
Nil
698,100
Kyrgyz Admin
108,100
93,900
Australian
487,300
461,100
$2,640,900
$2,889,600
Ertash
Karasu
Kensu
Kyldoo
Tien
Total
Shan generative
Management
Indicative Timetable to IPO
Prospectus Lodged
31st January 2005
Opening Date
8th February 2005
Closing Date
4th March 2005
Dispatch Holding Statements
11 March 2005
ASX Listing
16 March 2005
The company reserves the right to close the offer early
Opportunity
Kentor has:
 Gold projects – demonstrated excellent
discovery potential for world-class deposits
 Ertash – strategic land package on Kumtor
Trend
 People – enthusiastic & successful technical
team
 Management skills to:
undertake cost effective/efficient exploration
 remain focused



Extensive & usable proprietary database
Excellent partner and preferred contractor KGE
Central Asian Comparables
52 Week
Company
Ticker
Issued
Shares
Issued
Options
mm
mm
Market Cap
Currency
Share
Price
Low
High
Undiluted
(A$m)
0.15
0.20
9
Perseus Mining
Limited
PRU.AX
59.5
20.0
AUD
0.15
Kentor Gold
KGL.AX
34.2
10.2
AUD
0.50
Palladex Plc
PLX.L
61.7
7.5
GBP
0.15
0.14
0.31
21
Eurasian Minerals
EMX.Y
19.1
6.0
CAN
1.78
0.62
1.78
35
Central Asia Gold
Limited
CGX.AX
97.8
22.3
AUD
0.74
0.45
0.84
72
Oxus Gold Plc
OXS.L
262.2
10.1
GBP
0.54
0.43
0.70
338
Centerra Gold Inc
CG.TO
72.1
0.1
CAN
20.15
14.25
25.30
1492
17
KENTOR GOLD LTD