1. KENTOR GOLD LTD ACN 082 658 080 Lead Manager & Underwriter: Tolhurst Noall Limited Lead Manager & Underwriter: Tolhurst Noall Limited Co-Manager to the Issue: Melbourne Capital Ltd Co-Manager to the Issue: Melbourne Capital Ltd Financial Adviser: Investor Resources Limited Financial Adviser: Investor Resources Limited Strategic exploration play in the Kyrgyz Tien Shan

2. Important Notice A Prospectus dated 31 January 2005 was lodged on that day with the Australian Securities and Investments Commission (“ASIC”). The Company has applied to the Australian Stock Exchange Limited (“the ASX”) for admission to the official list of the ASX and permission for the Shares offered by this Prospectus and the Existing Shares to be listed for quotation on the ASX. ASIC and ASX take no responsibility for the contents of the Prospectus No person is authorized to give any information or make any representation in connection with the Offer described in the Prospectus which is not contained in the Prospectus. Before deciding to invest in Kentor, potential investors should read the Prospectus in its entirety and, in particular, consider the risk factors set out in Section 8 that could affect the performance of Kentor. You should carefully consider these factors in light of your personal circumstances (including financial and taxation issues) and seek professional advice from your accountant, stockbroker, lawyer or other professional advisor before deciding whether to invest.

3. Kentor – the Company Kentor Gold Ltd – a gold explorer and project generator, operated in the Kyrgyz Republic since 1998 Kentor Gold Ltd – a gold explorer and project generator, operated in the Kyrgyz Republic since 1998 Tien Shan Central Asia – a region now emerging as a world-class gold belt Kentor is focused on the Tien Shan of Central Asia – a region now emerging as a world-class gold belt that has the potential to deliver multi-million ounce, low- cost orebodies Large tenement holding of 3,675 km² granted tenements, including the strategic Ertash license surrounding the Centerra owned Kumtor Gold Mine (+12Moz) Large tenement holding of 3,675 km² granted tenements, including the strategic Ertash license surrounding the Centerra owned Kumtor Gold Mine (+12Moz) Including the IPO will have raised over almost $10 million. Exploration to date has generated gold targets ready to drill Including the IPO will have raised over almost $10 million. Exploration to date has generated gold targets ready to drill

4. Directors & ManagementDirectors John Barr, Melbourne - Chairman John Barr, Melbourne - Chairman Andrew Daley, Melbourne - Non-Executive Director Andrew Daley, Melbourne - Non-Executive Director David Royle, Brisbane - Managing Director David Royle, Brisbane - Managing Director Hugh McKinnon, Bishkek – Director & Country Manager Hugh McKinnon, Bishkek – Director & Country Manager Orozbai Tohtonazarov, Bishkek - General Director CJSC Kentor and Director of Kyrgyz Geophysical Expedition Orozbai Tohtonazarov, Bishkek - General Director CJSC Kentor and Director of Kyrgyz Geophysical ExpeditionConsultants Global Ore Discovery - Stephen Nano and Daryl Nunn

5. Capital Structure Shares issued May 1998 to 30 Sep 2004 Raised in excess of $3.7mill 22.15 mill IPO (Raise $6mill @ $0.50) 12.00 mill Total 34.15 mill Market Capitalisation on Listing $17.08 mill Post IPO the largest shareholder will hold approx 7% Existing Options 4.3 mill exercisable at various times before March 2007 4.3 mill exercisable at various times before March 2007 at between $0.21 & $0.45per share –escrow 2yrs at between $0.21 & $0.45per share –escrow 2yrs 3 mill exercisable at $0.45 per share before March 2007 3 mill exercisable at $0.45 per share before March 2007 2.9m Exec. Options exercisable at 125% - 175% IPO price 2.9m Exec. Options exercisable at 125% - 175% IPO price 10.19mill 10.19mill

6. The Kyrgyz Republic – straddling the Tien Shan belt Top 20 gold producers KYRGYZ REPUBLIC & Tien Shan belt

7. The Kyrgyz Republic Land-locked independent republic in Central Asia approx same size and population as Victoria, bordered by China, Kazakhstan, Tajikistan & Uzbekistan; Land-locked independent republic in Central Asia approx same size and population as Victoria, bordered by China, Kazakhstan, Tajikistan & Uzbekistan; President holds executive powers, parliament has broad legislative & constitutional power; President holds executive powers, parliament has broad legislative & constitutional power; Kyrgyz currency – Som, is freely convertible at a floating rate; Kyrgyz currency – Som, is freely convertible at a floating rate; Member of the World Trade Organisation Member of the World Trade Organisation Mining represents a significant part of the economy with gold comprising 35% of export receipts, Kumtor Mine has operated uninterrupted for 7 years Mining represents a significant part of the economy with gold comprising 35% of export receipts, Kumtor Mine has operated uninterrupted for 7 years Favourable tax changes to encourage mining investment are proposed Favourable tax changes to encourage mining investment are proposed Mining law has many features of Australian Mining Law Mining law has many features of Australian Mining Law

8. Operating Structure CJSC Kentor holds licenses & manages activities in the Kyrgyz Republic CJSC Kentor holds licenses & manages activities in the Kyrgyz Republic Owned 80% Kentor Gold Ltd, 20% Kyrgyz Geophysical Expedition (“KGE” – a state organisation) Owned 80% Kentor Gold Ltd, 20% Kyrgyz Geophysical Expedition (“KGE” – a state organisation) Permanent staff of 6 in Bishkek Permanent staff of 6 in Bishkek Global Ore Discovery manages exploration activities Global Ore Discovery manages exploration activities KGE - preferred contractor for field operations KGE - preferred contractor for field operations

9. Kentor Tenements

10. Ertash – Strategic Tenement

11. Gold Targets – ready to drill

12. The string of gold beads Kumtor Panorama looking south KUMTOR MINE South West Deposit BORDOO PROSPECT Akbel-Kentor Prospect ERTASH TENEMENT SARYTOR PROSPECT KUMTOR MINE South West Deposit BORDOO PROSPECT Akbel-Kentor Prospect SARYTOR PROSPECT 12M oz

13. Project Generation Using a team of experienced & successful people to apply new technology & a proven generative approach to an under-explored belt with a world-class pedigree Using a team of experienced & successful people to apply new technology & a proven generative approach to an under-explored belt with a world-class pedigree By integrating state-of-art satellite mineral mapping with proprietary GIS database By integrating state-of-art satellite mineral mapping with proprietary GIS database  Soviet Geochemistry  Soviet Geology  Soviet Geophysics  Structural Analysis  Permissive stratigraphy interpretation  Aster alteration mapping RESULT - new targets identified and tenement applications lodged RESULT - new targets identified and tenement applications lodged

14. Exploration Budget AU$Projects20052006  Ertash 1,284,0001,550,200  Karasu 42,40051,500  Kensu  Kyldoo 31,40030,70034,900Nil  Tien Shan generative 657,000698,100  Kyrgyz Admin 108,10093,900  Australian Management 487,300461,100 Total$2,640,900$2,889,600

15. Prospectus Lodged 31 st January 2005 Opening Date 8 th February 2005 Closing Date 4 th March 2005 Dispatch Holding Statements 11 March 2005 ASX Listing 16 March 2005 The company reserves the right to close the offer early Indicative Timetable to IPO

16. Opportunity Kentor has: Gold projects – demonstrated excellent discovery potential for world-class deposits Gold projects – demonstrated excellent discovery potential for world-class deposits Ertash – strategic land package on Kumtor Trend Ertash – strategic land package on Kumtor Trend People – enthusiastic & successful technical team People – enthusiastic & successful technical team Management skills to: Management skills to:  undertake cost effective/efficient exploration  remain focused Extensive & usable proprietary database Extensive & usable proprietary database Excellent partner and preferred contractor - KGE Excellent partner and preferred contractor - KGE

17. Central Asian Comparables 52 WeekMarket Cap CompanyTicker Issued Shares Issued OptionsCurrency Share PriceLowHigh Undiluted (A$m) mm Perseus Mining LimitedPRU.AX59.520.0AUD0.15 0.209 Kentor GoldKGL.AX34.210.2AUD0.5017 Palladex PlcPLX.L61.77.5GBP0.150.140.3121 Eurasian MineralsEMX.Y19.16.0CAN1.780.621.7835 Central Asia Gold LimitedCGX.AX97.822.3AUD0.740.450.8472 Oxus Gold PlcOXS.L262.210.1GBP0.540.430.70338 Centerra Gold IncCG.TO72.10.1CAN20.1514.2525.301492

18. KENTOR GOLD LTD