Ann: Strong Maronan Resource Review and Maiden Indicated Resource, page-13

Hi V,

Have been away, hence the late response. I have updated my spread sheet, and these results make MMA slighly less attractive as a silver company imo. The reason for this is that the cu/au resource has almost tripled in tonnage which has resulted in the following;

1. Resource size increased from 41.8m/t to 64.6m/t (But if correct, why didn't MMA highlight the size of the resource increase as a percentage of roughly 50%) (Outstanding)
2.Because of the resource increase, MMA's silver resource has dropped from 30% of the deposit down to less than 25%. (Disappointing for a silver bull)
3. Gold has increased from 6% of the silver equiv resource to just over 19%. (Outstanding)
4. PM's as a percentage of the silver equiv resource has increased from 36% to 44.3%. (Outstanding)
5. MMA's resource at today's spot price is valued at 30% higher than SVL and is 1/3rd the size of SVL's project. (Outstanding)
6. Total project lead equivalent grade has dropped from 9.6% down to 8%. G1A's is 7.8% and we know how they are going. (Not so good for an U/G mine)

I will do a spreadsheet just on the starter zone and see how that stacks up.