INTERVIEW WITH MR. WARWICK GRIGOR, CHAIRMAN OF MONARO MINING NL (MRO)

“Monaro Appoints General Manager of USA Operations”

http://www.brr.com.au/event/51586

THURSDAY, SEPTEMBER 18, 2008, 10:30 AM.

            BRR    Welcome to Boardroom Radio. Today I’m speaking with the Chairman of Monaro Mining, Mr. Warwick Grigor. Warwick, thanks for joining us this

10                    afternoon.

            MRO    It’s a pleasure, James.

            BRR    Now, Warwick, Monaro has recently announced the appointment of a general manager of your USA operations, which is another step following the recent

15                    launch of the ADR Program to increase Monaro’s presence in the United States. Now, Warwick, can you outline some of the criteria upon which you’ve selected the new manager, and what you believe he will bring to the management team at Monaro?

            MRO    Okay. Well, Denis Geldard, I’ve known since the early 80’s, he was the

20                    pioneer of heap leaching in the gold industry in Australia and that heap leaching experience is directly applicable to the Apex-Lowboy Project we’ve got in Nevada, which is intended to be heap leach operation. Denis has also had extensive experience with conventional milling, underground mining. He’s an engineer by profession and that’s directly applicable to the Rio Puerco

25                    Mine when we get that up and running. And very importantly when you have an operation overseas, it’s a big issue if you’re not really on top of management, these things can get out of control. Having Australian over there, who has spent three years in America already as an operations manager for a major mining company, which Denis was for Iluka, is a

30                    tremendous benefit. He understands the way Americans work. He understands the American system and he is one of us. So, that will give us a much stronger management and communication to the Australian base. So it’s a perfect match in many ways.

35        BRR    Now, Warwick, the appointment of Denis as the general manager in the USA obviously signals the importance that Monaro is placing on your operations in this part of the world. What are some of the projects that you will be looking to focus on?

            MRO    Well the Apex-Lowboy heap leach and the Rio Puerco underground mine are

40                    the two main ones. We do have a number of other very good projects in the USA that can be advanced. I think that one of the benefits having an engineer as your head man in a country like that is that you’re able to make the progression from an explorer or an assessor to an operation -- cash flow generating operation faster. You know, if you have geologist running the

45                    place, they don’t seem to have the same sort of focus, obviously a different discipline. We can use Denis’s engineering skills and his evaluation skills to better prioritize all the other projects we have that have got some uranium and other opportunities over in the US. The reality is you need cash flow. You need to be generating cash flow from operations and not really relying on the stock market for funding all the time, and we’ve seen how dangerous that can be given the market over the last year. With projects elsewhere in say Kyrgyzstan, we’re leaving that to the Chinese to manage. Most of our -- if it will be the USA, I think that’s where our future is. There’ll be a lot uranium

5                      projects that became available over the next year or two because I think there are a lot of companies that not actually going to last the distance. So there’ll be some rationalization of the whole sector, and we’d like to be in a position to take advantage of that but with the knowledge that our primary focus is the USA production.

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            BRR    Well, Warwick, certainly with the steps that Monaro has been taking over the past few months and obviously with this latest appointment, it does seem like you’re going to be well positioned to take advantage of the opportunities in this part of the world.

15        MRO    Yes. Yes, that’s exactly what it is about, our positioning and making sure that we can be one of the winners that come out of the current stock market turmoil.

            BRR    Well, Warwick, thanks again for taking the time to speak to us this afternoon, and we look forward to hearing some further news from Monaro in the

20                    quarters ahead.

            MRO    Yes, thanks very much, James.

INTERVIEW CONCLUDED

Contact brr@brr.com.au for more information

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