Ann: Proposed Share Consolidation for MOD, page-15

I have not posted on this thread before. I am a MOD shareholder and have a geology background (BSc and MSc in exploration geology) and I have been in this game a long time (too long in fact as I am starting to realise that there is far less time ahead of me than behind!!).

The area MOD has is an essentially extension of what Cupric Copper (and previously Discovery Resources) had (I was a DML shareholder and they had a great resource but made the fatal mistake of starting mining - after building a $160 million plant - of open pitting in loose sand with a company killing strip ratio) and it is essentially a continuation of the major copper system to the NE.

MOD already have a decent resource (grades and tenor - including geology etc similar to what Cupric have). Remember Cupric (ex DML) have plus 300 million tonnes at plus 1.5 % copper and around 1/2 ounce silver per tonne. To put this in context, MIM - at Mt Isa (actually where I grew up and developed my love for geology) has a world class copper deposit of the same size but with better grades.

I am very bullish about what MOD will end up with. I can see them, given the ground they have and given the nature of these types of deposits, having something akin to what Cupric have. The only down side for me is the number of shares on issue, but the capital consolidation will clearly solve that problem.

The only issue and concern for me is the timing of doing the consolidation. It would have much better to do it post really good exploration results and with the share price higher than it is. To do it after a CR which dropped the share price (on that I am not complaining as I picked up another 200,000 shares at less than the CR price) does not make a lot of strategic sense to me. I have confidence in the technical ability and competence of the MOD Board, but - for me - the jury is out on their "street smarts" and their strategic nous.

All that said, I think that they have a world class resource here which will see long life mine operations. I hope to ADD TO MY SHAREHOLDING as this is - from a geology perspective, and absolute no-brainer !!!!!

It may take 2-3 years before we see production but this is a potential company maker and the upside is massive.