OPEN PIT

Managing Director Comment
Managing Director of Phoenix Copper, James Fox said, “It is very pleasing to see in our first hole at Iron
Blow a thick zone of massive sulphide mineralisation, and in particular high and consistent zinc and gold
grades. Outside of the massive sulphide zones there are also broad intercepts of gold mineralisation
which will add to the overall economic value of the resource. Based on the existing data we anticipate
that a significant amount of the resource may be amenable to open pit mining. Structural interpretation,
re-logging of the existing core and surface and downhole EM surveys will all assist in targeting new areas
of mineralisation at Iron Blow.”

Market has missed this important part of the comment.."We anticipate that a significant amount of the resource may be amenable to open pit mining"