Ann: Significant Copper in Second Hole into A4 Dome, page-41

Hi John,

I am in total agreement with your thesis and am invested in MOD and have a professional interest in searching for base metals. Finding a new, world class Cu deposit is extremely difficult.

The statement I took issue with was "we need $3.50 copper for new mines to be viable" - this is simply not true.

Long term I think $2.50-2.70 is the new floor for copper, so if your can demonstrate good economics at these levels, then the project should be economic throughout the cycle.

I really believe the market is totally missing what MOD have found. The recent Ann was very encouraging.

Cheers,

K