On the 24th July 2008 we purchased more stock in Kinross Gold Corporation (KGC) for an average price of US$18.28, doubling our position in the stock.

The big news is that Kinross have tabled a $1.2-billion bid for Aurelian Resources Incorporated! As we know Ecuador brings with it a certain amount of political uncertainty and presents Kinross with a tremendous challenge. This piece of news sent investors screaming to the sidelines as the very thought of Ecuador pushed them over their own risk threshold.

We, on the other hand, took a long hard look at this move and decided that yes it is risky, but courageous and bold. It may be a little too cavalier for some investors however we have grabbed this opportunity with both hands and so now we will sit, watch and sweat!

The management team is one of the best in this sector and is headed by Tye W Burt who is the President and Chief Executive Officer of Kinross. Prior to joining Kinross Tye Burt held the position of Vice Chairman and Executive Director of Corporate Development of Barrick Gold.

Kinross Gold Corporation trades on the Toronto stock Exchange under the symbol of ‘K’ and on the New York Exchange under the symbol of ‘KGC’

Have a great weekend.

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