Ann: Copper Exploration Update , page-12

John, excuse me butting in here..

I am very much an admirer of what ENR have been up to in the Paterson Province. Different aged rocks again to those that Sipa are in at Enigma, but definitely younger Proterozoic, and therefore highly prospective for the same sort of big sediment hosted base metals deposits. ENR's latest announcement re the BM-1 mineralisation looks very intersting to me. It's got good grade and thickness of secondary copper at shallow depth in the oxide zone, and this may turn out to be economic in its own right, and they have fresh sulphides beneath this (albeit only in a fault breccia, not in a big slab of sulphidic sediment at this stage). Still, very encouraging indeed.

Interestingly, Montezuma's similar Butcher Bird copper mineralisation is also sediment-hosted, but also only in a cross-cutting shear zone or fault at this stage. It is at the rather well-known old Kumarina copper mining centre. MZM's shear zone does not appear to trend across strike onto the adjacent ENR ground, by the way: it runs east-northeast, up the guts of MZM's own well-pegged tenements.

But one has to ask oneself in all this: have MZM simply drilled down the known dip of the shear zone to generate the impressive copper results that they have got in their second hole, or is that width representative of the true thickness of something much much bigger? The assay results and orientations of the subesquent holes will say a lot.

Thanks as ever for your generosity with the intriguing and useful maps. (One can only stretch the time and money so thinly though..)

Regards,

(Not intended as advice of any sort. Just idle chit-chat. I am not a financial adviser, etc.)