KGL RESOURCES LIMITED — AGM Information 2008

May 21, 2008

ASX / MEDIA RELEASE

22 May 2008

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KENTOR GOLD LTD

ACN 082 658 080

Annual General Meeting Chairman and Managing Director Addresses

Attached are the addresses to be given by the Chairman and Managing Director of Kentor Gold Limited (ASX: KGL) at today ’ s Annual General Meeting.

For further information contact:

Simon Milroy Managing Director Kentor Gold Ltd Phone: + 61 (0) 7 3121 3206 Mobile: + 61 (0) 448 851 575

Media: Anna O ’ Gorman Principal Consultant Three Plus Phone: + 61 (0) 7 3503 5700

Registered Office Level 36 Riparian Plaza, 71 Eagle St Brisbane 4000 Phone: 61 (0) 7 3121 3206

Kyrgyz Republic Office 235/2 Erkindik Prospect, Bishkek Kyrgyz Republic 720739 Phone: +996 312 621 389

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www.kentorgold.com.au

KENTOR GOLD LIMITED – ANNUAL GENERAL MEETING

22 May 2008

CHAIRMAN’S ADDRESS

Undoubtedly, the past financial year has seen a great deal of change for Kentor Gold, with the Company embarking on new strategic initiatives and laying, what we believe to be, solid foundations for the company to pursue its vision of building and enhancing shareholder value.

2007 was a period of significant activity and growth for Kentor Gold - with the Company successfully securing a number of promising, high-quality assets within the Kyrgyz Republic. These assets represent relatively advanced projects and we have been successful in securing these, in a highly competitive global environment for advanced projects.

Let me say that the identification of advanced projects, not only in the Kyrgyz Republic, but also elsewhere is one of the key strategic objectives of the company, as we look to the future.

I am pleased to announce that the drill testing of the Savoyardy gold project in the Kyrgyz Republic, which itself now falls into the category of an advanced project, yielded significant high-grade results during the year which will form the basis of further exploration programs in 2008.

This site will now become the major focus of our Kyrgyz Republic exploration campaign. I will let our Managing Director Simon Milroy elaborate further on these operational successes in the course of his own address to you..

You will also be aware that the Company has secured geothermal energy licences in the Kyrgyz Republic thereby representing a diversification of product interests and, hopefully, the start of an exciting new era for Kentor Gold.

Recent test results have demonstrated that the Kyrgyz Republic is endowed with some of the highest geothermal gradients known in the world.

The geothermal energy project also reached an important milestone in April this year when Panax Geothermal Ltd, our Joint Venture partner, completed its six-month evaluation and took the decision to invest A$5 million to earn equity in this attractive venture.

This partnership is a welcome endorsement of the importance of the project in Kentor Gold’s asset base and skill set from a world leader in geothermal technology development. I am glad to report that this project has the full support of the Kyrgyz Government.

As the impact of global warming is being increasingly felt, the world focus is shifting to the generation of clean and renewable energy. With an eventual successful geothermal energy project, Kentor Gold would be in a strong position to provide solutions to this shift – especially into China where infrastructure already exists to take power harnessed from the Kyrgyz Republic into the energy-short region.

On the subject of energy, shareholders will be aware that we have withdrawn from the Dunmarra Uranium project in the Northern Territory. I want shareholders to know that this move does not represent any disenchantment on our part with Uranium. Quite the contrary; we firmly believe that climate change will drive global demand for nuclear energy. One reliable report which I read over the weekend, carried out by Deloittes for the Uranium Industry, suggests that the global block of nuclear reactors will grow from the present 440 to 960 between now and 2030. so Uranium is still on our watchlist.

Kentor Gold also expanded its pipeline of exploration projects in 2007 through securing base metal exploration licences in the Kyrgyz Republic. These projects, which also represent a further product or commodity diversification, at Chaarkuduk and Kurgan add highly-prospective lead, zinc, copper, gold, silver and uranium ground to Kentor Gold’s exploration asset.

Funding for the capital works and acquisition program in 2007 was largely supported by two placements conducted during the year. In June a placement of 20 million fully paid ordinary shares, at a price of 13 cents each which raised A$2,600,000.

This was followed by a placement in December 2007 of 7.5 million fully paid ordinary shares at a price of 18 cents each, raising a further A$1,350,000.

These funds were primarily used at the Savoyardy drilling and mine rehabilitation program and in the further assessment of the prospects at Akbel.

Today we will seek shareholder approval for the raising of further funds to embark on the more comprehensive Savoyardy drill program as well as to commence evaluation of the base metal licences.

I am confident that the progressive evaluation of our advanced projects and of our highly prospective asset base will further strengthen the company’s position in the eyes of the market.

I also am firmly of the opinion that the inherent value of our company is not yet fully realised in the market.

Your Board feels confident that the year ahead is shaping up to be one with sound prospects for Kentor Gold, especially in regard to our gold, geothermal and base metal projects.

The political landscape in the Kyrgyz Republic has altered significantly in the past year, providing an even more attractive backdrop for Kentor Gold’s operations in that country. A new Constitution was adopted by referendum giving rise to parliamentary elections. The elected parliament now has undisputed legitimacy with the party of President Bakiev commanding a sound majority.

A more constructive relationship between government, the presidential administration and the parliament now exists and provides an enhanced business environment.

The new stability has led to increasing confidence that the revised Tax Code and Law on Subsoil will be finalised and enacted in 2008. This will provide an increased level of certainty for Kentor Gold. The income tax remains low at 10% for both individuals and corporations.

The Kyrgyz State Agency for Geology and Mineral Resources has appointed a new director – reflecting the determination of government to continue the high level of activity in the minerals sector.

The new director is a geologist and has proven highly capable of managing the change from centrally planned to market economy.

Fifteen publically listed western companies are active in the republic, with gold and uranium being the favoured targets. Sustained exploration activity has resulted in significant discoveries by Perseus Mining and Chaarat Gold Holdings.

I should also add that Kentor Gold has and enjoys a significant strategic advantage in the Kyrgyz Republic and beyond through our long-serving, in-country management team fluent in Russian and permanently based in the capital Bishkek.

The management team, headed by our Executive Director Mr Hugh McKinnon, has also developed a strong relationship with both the Kyrgyz Geophysical Expedition and the Kyrgyz Government and has access to the complete Soviet geological database for the Kyrgyz Republic.

This strategic advantage allows the Company to assess, evaluate, acquire and manage other worthy assets in the Kyrgyz Republic and through out the region.

In my remarks I have endeavoured to identify some of the positive developments for Kentor Gold especially the Company’s assets, its management team and the future.

Your Board is conscious of its prime responsibility in growing your Company and increasing the value of Kentor Gold for all our shareholders.

On behalf of the Board, I would like to thank all members of the Kentor Gold management team for their much-valued contribution, in particular the strong leadership and direction of Simon Milroy, the Company’s Managing Director and Hugh McKinnon, our executive Director in Bishkek.

I would again like to thank our shareholders for their continued support, and to you here today, for your time. Importantly the foundations are now becoming solidly set for Kentor Gold’s involvement in advanced exploration projects. We will seek your support later in the meeting to pass the resolutions to allow the Company to fund these ventures.

Simon Milroy, the Company’s Managing Director will now bring you up to date on the operations of the Company.

Thank you

KENTOR GOLD LIMITED – ANNUAL GENERAL MEETING

22 May 2008 Managing Director’s Address

Thank you John.

Ladies and gentlemen.

It gives me great pleasure to meet you and present to you at our fourth Annual General Meeting.

Thank you to John for his comments on Kentor Gold’s strategic focus and the overview of the Company’s performance for the year.

I will now provide you with a more detailed update on the Company’s operational and development front.

During the year, Kentor Gold expanded our team, we have a new Chief Financial Officer and Company Secretary, Kylie Anderson.

Kylie has more than fifteen years of experience in the resources industry and has held senior Financial and Company Secretary positions with a number of resource companies.

Craig Irvine, General Manager-Exploration also joined us this year. Craig is a geologist with twenty years experience, including more than 10 years in various senior roles for a range of operational and development projects across Australia.

I joined the company 12 months ago. I am a mining engineer and came to Kentor Gold with 20 years experience across a diverse range of metals.

I spent the seven years prior to joining Kentor Gold, working in South East Asia on mining development projects – specifically with Kingsgate in Thailand and with Pan Australian Resources in Laos.

The development of mining projects is now the clear focus of Kentor Gold and I believe that these new personnel additions to the existing, strong team has provided

Kentor Gold with a management to deliver – deliver results from projects which will increase shareholder value.

Kentor Gold now holds an exciting and expanded pipeline of projects with a much greater likely hood of success than previous assets.

It was at this meeting last year we announced the addition of the Savoyardy Gold prospect to our portfolio. We signed an agreement with Perseus Mining where Kentor Gold will earn 70 % of the Savoyardy gold project through the expenditure of US$6m before 2012.

I am proud to report that within the past 12 months we completed an initial drill programme which encountered high grade gold zones, completed the rehabilitation of the exploration adits over the winter and have now recommenced drilling.

As of yesterday we have completed the first four holes and I am excited to say that all of holes intersected highly mineralised zones. These samples have now been dispatched to the laboratory and we expect to receive the assays in three weeks time.

Kentor Gold is also keen on advancing the geothermal projects with joint venture partner Panax Geothermal Limited. On the 12th of March 2008, the evaluation phase of the Memorandum of Understanding with Panax Geothermal Limited came to an end. Panax Geothermal have now made the commitment to go ahead and spend A$5m on the Kyrgyz Geothermal Energy project. This commitment is a great step forward for the project and a clear endorsement of the quality of the targets.

The summer field season has now commenced on the licence areas and we are keen to get to the point of drilling the first geothermal exploration hole as soon as possible.

The results of our work there to date have indicated the lnylchek geothermal energy exploration licence has a high chance of hosting a world-class heat reservoir at a relatively shallow depth. Due to these indications, an application was made to increase the size of the exploration license and this has now been granted by the Kyrgyz Government. The new licence area is known as Akshyrak and covers an area of 823 square kilometres.

The exploration licences granted for both base metal and geothermal interests in the past quarter provide an extended pipeline of exploration tenements in this mineralrich belt.

In early 2008, Kentor Gold commenced diamond drilling at Akbel, targeting anomalies near the licence boundary with the Kumtor gold ore body. Drilling in this region has continued to be challenging with harsh winter conditions and high altitudes combining with poor ground conditions. We are now planning to move the drill rig to test some anomalies where we have no moraine cover present. This area will become accessible in July when the snow has gone.

The Bashkol prospecting licence has been reissued to CJSC Kentor, with boundaries adjusted to include two uranium occurrences discovered by Soviet geologists in the 1950s, but unexplored since then. We intend to send a field party to this area for reconnaissance as soon as weather conditions allow.

This year, CJSC Kentor was also granted four new exploration licences which are prospective for base metals. These licence areas were chosen because they contain a number of known mineral occurrences which have previously been defined by work carried out during the Soviet era. The work programmes will be designed to prove up and extend known mineralisation. We are not conducting grass roots exploration, hence the chances of success are substantially improved.

Kentor Gold conducted preliminary exploration during the year, including reviewing all known data for the tenements in the Dunmarra basin.

The Company is now of the opinion that the tenements are not considered to be prospective for uranium. No further exploration will be conducted on these tenements as the board considers that shareholders funds would be better spent on the more advanced projects the Company is exploring in the Kyrgyz Republic.

I returned yesterday from the Far East of Russia where I was with Hugh Mc Kinnon our Executive Director and Craig Irvine our General Manager Exploration. We were exploring the possibility of involvement with advanced projects in the region. We are also actively assessing opportunities in Kazakhstan, as well as the Kyrgyz Republic and Australia.

We are turning our resources to the long term future of the business and believe we are well placed to move forward quickly. With a high-quality portfolio of projects and a very active work programme ahead, 2008 is shaping as an important and exciting year for Kentor Gold Limited.

I would like to thank all shareholders, employees and the board for being a part of this exciting phase and contributing to the Company’s progress.

I will now hand you back to our Chairman – and the Chair of this meeting – John Barr to take you through the formal business of the meeting.

Thank you.