Carbine has announced significant additions to their executive management team that will drive the development of Mount Morgan gold/copper tailings re-treatment project through final feasibility, construction and first production. The key changes include Tony James as Managing Director, John Fitzgerald as Non-Executive Chairman, Graham Brock as Non-Executive Director and Chris Newman as Geology Manager. Analyst Comment: We believe this announcement should give the market, particularly institutional investors, confidence that Mount Morgan will not only become a gold producer by mid-2017 but will also be one of Australia's lowest cost gold producers (US$234 / oz Eq). Valuation: We maintain our valuation for Carbine at $0.40 per share, however believe this valuation could increase up to $0.58 per share provided there is relief on the state royalty and the mine life is extended to 10 years.



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