Ann: Trading Halt-MOD.AX, page-32

Hey BrassTacks,

Not too far off, 10% lower than my estimate. Probably a combination of top-cutting the high-grade assays and the uncertainty around what cut-off the intersections have been quoted at the past 6 months.

I suspect that the estimation included some assays that had not been reported (probably thin intervals < 1% Cu), that brought down the overall grade of the resource at a 0.5% Cu cut-off.

Anywho, not a bad start, but they will need to find more to make this work at todays copper prices. Remember, building a new 2-3Mtpa plant and associated infrastructure is not a cheap undertaking ($200 - $300 million), so in my opinion they will need +1Mt of contained copper to pay that back and turn a good profit.