$1.5 billion gold @ shallow depth, page-31

chamonix...

The key to value here is not how much work needs to be conducted...and money spent...to get to production, although clearly this is important.

No, to value EXM in the emerging gold environment, we need to look at money spent relative to how advanced the project is.

Sometimes cheaper for larger Companies to simply take out small concerns like EXM for a song, bank the results...and associated resource...then go about developing it themselves.

A damn site cheaper...and heaps quicker...then setting out to do te whole bloody thing from scratch.

So I guess the question might be; with a market cap of some $16m today, would someone be prepared to cough this up given what we know of the resource, its size, grade and potential economics?

I suggest somewhat more...which may well be the key to valuing EXM here, at least in the interim.

In my view, the world is on the cusp of a gold-rush period...one that will possibly last just 5 years or so...given this view, advanced projects will be so much more attractive than yet to be drilled "potential", no matter how good the ground.

If EXM were smart, they woud JV or indeed simply prepare their resources for a possible suitor, who would be combing the ountryside as we speak.

Look at what MBO are doing...EXM have plenty of potential, it just needs to be recognised and unlocked.

Cheers!