KGL RESOURCES LIMITED — AGM Information 2009

May 28, 2009

ASX / MEDIA RELEASE

29 May 2009

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KENTOR GOLD LTD

ACN 082 658 080

Annual General Meeting Addresses

The following addresses will be given by the Chairman and Managing Director at today’s Annual General Meeting.

About Kentor Gold

Kentor Gold Limited (ASX Code: KGL) is an Australian-based company formed in 1998 as a specialist gold explorer. The Company was listed on the Australian Securities Exchange (ASX) in March 2005 and has diversified into exploration for gold, geothermal energy and base metals in Central Asia where it has highly regarded, established local management.

Kentor Gold is currently undertaking a pre-feasibility study to examine the potential for bringing the Savoyardy gold project in to early production.

Kentor Gold is earning a 70% interest in the Savoyardy Property from Manas Resources by spending US$6m before 2012.

For further information contact:

Mr Simon Milroy Managing Director Phone: (07) 3121 3206 or 0448 851575 Email: info@kentorgold.com.au

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

Chairman ’ s Address to the Annual General Meeting of Kentor Gold Limited, Brisbane, 11 a.m. 29 May 2009

Ladies and gentlemen

I am very pleased, in this time of a severe global recession, to be able to report on the good progress that Kentor Gold Limited has been making in its endeavours to create additional value for shareholders in minerals and energy.

The effect of the recession on share market values has been a serious constraint on business everywhere and shareholders will be well aware of this..

However, Kentor has several distinct advantages.

• The Company ’ s business is concentrated in two of the strongest resource industry sectors - gold and clean (geothermal) energy.

• Secondly, we are building high quality assets with good development potential.

• Within the Company ’ s ranks, we possess the technical and business expertise, including an established, experienced presence in the Kyrgyz Republic, to discover and develop significant production in both gold and geothermal energy in that country as well as elsewhere.

Over the past year, we have been capitalising on these advantages. The exploration programs in the Kyrgyz Republic have produced valuable results, the most immediately significant being the establishment of an initial, high grade gold Resource within the Savoyardy Gold Project.

A pre-feasibility study into the development of the Resource was concluded recently. The outcome was positive towards the establishment of a profitable small scale operation. The Resource is easily accessed and the ore is most amenable to treatment. Little capital is required for the development, and low operating costs are expected. There is also every indication that the Resource can be increased by further exploration.

The pre-feasibility study has given us increased confidence in Savoyardy. Therefore, earlier this month, the Board took two decisions.

Firstly, we decided to undertake pre-development work over the next five months. Subject to the results of this work, we should be in a position late this year to decide to proceed with the development of the mine, with a view to commencing gold production during 2010.

Seondly we decided to acquire 100% of the Savoyardy project by way of an option agreement with Manas Resources Limited, the company with which we have the Savoyardy farm-in arrangement. Previously we had agreed to earn a 70% interest in Savoyardy.

Undoubtedly, it is in Kentor Gold ’ s long term interests to wholly own and to control an asset which we hope, and expect, will be an early revenue generator for the Company, and which also has longer term, larger scale potential.

Considerable attention has been given to rationalising our exploration in the Kyrgyz Republic.We want to concentrate on those targets likely to produce the best results, including those in the Savoyardy tenement beyond the immediate Resource and at Kurgan where initial results have been encouraging. Our strategy has been influenced not only by the prospectivity of the tenements but also by the current state of metals markets which has caused us to place greater emphasis on gold rather than on base metals.

Exploration this year is being concentrated on building on the priority projects identified in the Kyrgyz Republic. However, we continue to look for opportunities in gold and other metals projects in other countries, essentially advanced projects, and, at the same time, recognising the good sense of geographic and commodity diversification.

As with our gold interests, we are taking a focussed approach to geothermal energy in the Kyrgyz Republic. The work undertaken in the Geothermal Energy Project over the past year has confirmed the

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Kyrgyz Republic as one of the world ’ s most favourable locations for the development of geothermal energy. The work program is concentrated on identifying the most favourable heat sources and is being led by highly regarded world specialist in geothermal energy, Dr Bertus de Graaf, Managing Director of Panax Geothermal Limited, the company currently earning a majority interest in our project.

Geothermal energy has the clear potential to replace fossil fuels in the Kyrgyz Republic, and last year we secured exploration tenements surrounding the nation ’ s capital and largest population centre, Bishkek. However, there are also longer term opportunities to supply geothermally sourced power throughout Central Asia and especially in China, Pakistan and Afghanistan.

We have extended the geothermal studies well beyond the borders of the Kyrgyz Republic and have prequalified to apply for funding grants to the World Bank GeoFund.

As with our gold and metals strategies, we must be flexible and agile, able to use our financial resources and the expertise available to us to identify the really outstanding geothermal opportunities where they occur, where they can be most efficiently and economically developed and where there are markets.

International business and investment confidence in the Kyrgyz Republic continues to build. It is pleasing to report that exploration expenditure increased in the country last year, with western, Russian and Chinese companies actively engaged.

Kentor Gold continues to maintain a strong relationship with the Kyrgyz Government, a compounding benefit of our entrenched presence in the country, with our permanent, Russian-speaking management team based in the capital Bishkek. It is difficult to over-emphasise this strategic advantage as Kentor Gold moves towards initial production at Savoyardy.

During the past year, the Company raised $4 million from a share placement, the funds from which have sustained exploration and evaluation activities and working capital to the present time While further capital will need to be raised to proceed with the development of initial gold production from Savoyardy, let me emphasise that the capital requirement for that development will be minimal – of the order of US$1.2 million.

On behalf of the Board, I would like to thank the Company ’ s Managing Director, Simon Milroy, our Executive Director in Bishkek, Hugh McKinnon, and their hardworking staff for their commitment to the progress of the Company during the past year.

Finally, I would like to thank you, the shareholders, for your continuing support for Kentor Gold.

Simon Milroy will now report on the activities of the Company in more detail.

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Managing Director ’ s Address to the Annual General Meeting of Kentor Gold Limited, Brisbane, 11 a.m. 29 May 2009

Thank you, John.

Ladies and gentlemen, as the Chairman has indicated, we are pursuing a carefully constructed strategy to create value for Kentor Gold shareholders. It is a strategy of asset building, initial gold production to generate cash flow, leading to expansion and new opportunities.

Operationally, the strategy is on course, with our first gold Resource established, a plan designed to have us in gold production by late next year and considerable progress in geothermal energy.

The Savoyardy Gold Project has commanded much of our attention over the past year. We are fortunate to have existing underground access, dating from previous exploration work in the 1970 ’ s. Following rehabilitation of those workings, an exploration program was implemented last year, with drilling from the underground access as well as from the surface.

An initial Resource estimate at Rudny was completed using the results from the drilling and channel sampling, and was announced on the 8[th] January 2009.

A pre-feasibility study into the development of a mine based on the Resource was then undertaken and this produced a positive result. Then earlier this month, the Board decided to proceed with predevelopment work over the next five months, and it is now expected that a decision on mine development will be taken late this year, with a view to commencing gold production in 2010.

Initial production is likely to be at the rate of approximately 10,000 oz a year for a minimum of three years, based on the current Resources. We see this as a starting point only and plan to build on this.

The pre-feasibility study confirmed that the development would have low capital and operating costs. There is already underground access to the ore bodies, experienced local contract miners are available, and the favoured development plan involves trucking ore to an existing processing plant at Haidarkan.

Not only is the existing Resource high grade, but metallurgical test work carried out during the past year also produced favourable results, in particular high recovery rates. The tests showed that an overall recovery of gold to concentrate of 94% could be achieved using gravity and flotation concentration to produce a high grade concentrate of 50 grams per tonne gold.

It also includes further exploration drilling designed to increase the Resource the likelihood of which is considered high, particularly to the south-west of the existing Resource. In drilling last year, the southernmost intersection of the structure leading from the Resource was 7 metres at 6.3 grams per tonne gold and it is open to the south-west and down dip.

Several other prospective targets have been identified along a 12 kilometre strike in the Savoyardy tenement, and further exploration is being planned for these locations. They provide potential for additional gold Resources and therefore the expansion of mine production for an extended duration.

– The pre-development work now getting under way includes activity focussed on the initial development that is, the resource drilling, further metallurgical test work and commercial arrangements for contract mining, transport, processing and marketing of the gold.

As the Chairman has reported, Kentor Gold has entered into an option agreement to acquire 100% of the Savoyardy project, having previously agreed to earn a 70% interest by the year 2012. This is a clear indicator of our confidence in Savoyardy in both the short and long term.

The Geothermal Energy Joint Venture between Kentor Gold and Panax Geothermal Limited has now been in operation for a little more than a year, and I am pleased to report on the progress that has been made. Panax Geothermal has the right to earn up to 51% equity in Kentor Gold ’ s geothermal exploration licences by spending A$5 million.

Work on the Inylchek geothermal energy project has indicated the high probability of Inylchek hosting a world class heat reservoir at a relatively shallow depth. Encouraged by this result, we applied for and

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were granted an increase in the size of the exploration licence, now known as Akshyrak, which covers an area of 823 square kilometres in the north-east of the Kyrgyz Republic.

To the north-west, two licence applications were made for areas surrounding and over the capital city of Bishkek. To enlarge upon the Chairman ’ s earlier reference to this initiative, Bishkek is a substantial city with a population of 1.2 million people, with an existing central heating system which is currently powered by burning coal. There is the potential to replace fossil fuels as a heating source with direct geothermal heat.

Temperature surveying and geothermal water sampling and analysis were conducted during the past year as part of continuing technical assessments. At the same time, two authorities expressed strongly complimentary views of Inylchek. Dr Graeme Beardsmore, a geothermal energy expert commissioned by Panax Geothermal, concluded after reviewing the data and making site visits, that “ the Inylchek prospect ” represents a world-class engineered geothermal system opportunity .

Dr Tim Hopwood, an experienced structural geologist, concluded that “ the Inylchek Geothermal Prospect fulfils all requirements for a potentially large geothermal resource with high enthalpy (heat content per unit ” of mass) .

Dr Hopwood was commissioned to undertake a comparative study of structural geological settings of Inylchek and geothermal fields in Tibet and the Indian Himalayas. The findings were encouraging in that many similarities were recognised between Inylchek and the producing Yangbajing geothermal area in Tibet.

The Chairman mentioned opportunities to market geo thermally sourced power in and beyond central Asia. With that demand in mind, Kentor Gold is looking not only in the Kyrgyz Republic but also beyond its border for opportunities to generate such power. We intend to do follow up work on initial investigations and field visits made in Tajikistan and Kazakhstan.

We have been greatly encouraged by the success of the first stage of our funding application to the World Bank GeoFund. The first application was for US$3.5million to $4 million for the drilling of two 500 metre deep holes followed by two 2,000 metre deep holes in the Inylchek project. The second application was for US$2 million for the evaluation of geothermal prospects and the drilling of a 2,000 metre deep hole in Tajikistan. Both applications passed the merit assessment criteria and the World Bank has invited the submission of full applications for Geo Fund grants.

This field season we will also be conducting further exploration over the Kurgan and Bashkol prospects. At Kurgan surface trenching last year produced encouraging gold results, and the Bashkol prospect has indications of gold, uranium and copper.

The recent turmoil in the financial markets has generated a lot of opportunities for new projects and Kentor Gold is currently reviewing a number of projects where the owners are looking for a company to bring the project in to development. I am confident that an additional resource project will be added to the Kentor portfolio within the next year.

In conclusion, I would like to thank you, the shareholders, and the Board for your continuing support, and to acknowledge the service of my fellow employees who have contributed greatly to the progress of Kentor Gold. I look forward with optimism to the coming 12 months of asset building and value creation as the Company moves towards the point of initial production and Resource expansion.

Thank you.

The exploration results in this report are based on information compiled by Simon Milroy, who is a member of the Australian Institute of Mining and Metallurgy and a full time employee of Kentor Gold Limited. Mr. Milroy has sufficient experience which is relevant to the style of the mineralisation and the type of deposit under consideration and to the activity to which he is undertaking, to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr. Milroy has consented to the inclusion of this information in the form and context in which it appears in this report.

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