ISSUE #04

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DEAR

MEMBERS,

Welcome to the year of the Fire Monkey and appropriately the elemental sign

of metal.

The Fire Monkey is intelligent, dignified, optimistic, sociable, quick-witted,

confident, agile, a motivator, curious and gregarious – all traits required in

abundance during this challenging time in the mining/commodities cycle.

The fourth edition of Underground, the official newsletter of the Singapore

Mining Club (SMC or the Club), contains an excellent article from Bill Sullivan

on the amended Myanmar Mining Law, a sixty second interview with Paul

L’herpiniere, the founder of Access Asia Mining (a private Singapore company

working in Myanmar) and AMC Consultants a founding sponsor who have

contributed a thought provoking piece on project valuation.

GEOFF MCNAMARA

DIRECTOR

I’m delighted to inform you that the SMC now has in excess of 300 members

and I encourage our existing members to take advantage of the two-year

membership option as your renewal approaches.

As the SMC approaches its second anniversary it is appropriate for us to give

a big thank you to our sponsors, including our founding sponsors, Holman

Fenwick Willan, Canaccord Genuity, Noble Group and AMC Consultants, and

our Annual Platinum Sponsors, AME Group, Intrasia Capital/Intra Energy, Herbert

Smith Freehills, Mining Indaba, FTI Consulting, Control Risks, Pacific Road

Capital, Golden Energy and Resources and CRU.

Congratulations must also go to Brian Gordon, Sebastian Jones and Mark

Livingston the founders of the SMC.

Looking forward, one hopes that we have seen the bottom of the cycle, with

commodity prices having recently risen from their multi year lows and a flurry of

activity in the Asian, Australian and Canadian gold sectors. Foreign exchange

rates have facilitated significant reductions in capital and/or operating costs,

with gold companies taking advantage and raising capital for project growth and

acquisition.

On the 17 March our newest corporate sponsor CRU provided an insight into

where commodity prices are heading and why. The SMC will continue to

provide a forum for sponsors and members to meet, engage and share their

views on the mining industry. There are several seminars and networking events

in the pipeline, including a gala dinner for the later half of the year.

The committee seeks feedback and ideas around how we can best service our

members needs. Please feel free to approach us and become an active member

of the Singapore mining community.

Looking forward to a prosperous year of the Fire Monkey.

Geoff McNamara

Director, Singapore Mining Club

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