scoping study, page-15

I had a read of that article and i dont think it gives the full picture. I was not a s/h back when this Co was Stratta Mining so had to dig thru a few announcements to get a better feel for the issue.

From what i can tell the tenements were the subject of a number of legal claims/encumberances which stalled activity on the asset, these claims were eventually dismissed in Excaliburs favour (asx ann,3/8/06- Clawback litigation with Santex p/l settled) the Co was at the time under suspension by asx and further was re-capitalised and reinstated to official quotation in March 07.
The result being that EXM was debt free and owning 100% of the Juno/ Nobles Nob tenements, cashed up and able to begin the job of proving up their ground.

Since then (2 years), as cutloose rightly points out, much progress has been made culminating in a significant resource upgrade (JORC) to 1.17m Oz gold @ avge 10.4 g/t plus a significant JORC copper resource (all resources remain open) and leading to the current scoping and feasability studies which one would expect to be complete in the next few months.
The Co is now in the position whereby it is actively seeking to make the transition to producer based on the results of studies and progress made in 2 years.

DYOR as always, my point being tho that to make inferrences from the document you sighted may not give you the full picture required to understand where the company is now at