Ann: Assays Confirm Outstanding Intersection at A4 Dome, page-12

Afternnon Guys,

Excellent news guys and very pleasing to see that the model works and that their first programme has had a major success.

Given the ability of any new discovery within the T3 Dome to be incorporated into the T3 project means that the ecomonics are going to be non-linear to the upside in terms of NPV, IRR, etc as there is no capex required to build a mill as there would be if these were greenfield discoveries. In addition, the size of the deposits will likely be economic at a smaller scale, although we may find something much larger than T3 in due course.

I think it pays to remember that Cupric Canyon has 6.8MT of Cu (plus Ag) and there is no reason to think that MOD wouldn't have similar successes on its tenements, given enough time and drilling.

IMO, MOD will not become a producer in its own right. As more discoveries are made, the likelihood for a TO increases.

Unlike in the gold sector where M&A is still confined to friendly action, in the Cu sector we are now also seeing hostile action (Lundien vs Nevsun). This suggests a growing concern within the sector re future supply tightness.

Patience will be a virtue here, and very profitable IMO.

Cheers
John