Ann: Quarterly Activities report 30 September 200, page-11

re: Ann: Quarterly Activities report 30 Septe... I think the quarterly read quite well
It appears that EXM is making real progress and the 'tone' of the announcement indicates to me that the company is serious about moving the project forward in a meaningful way.
The appointment of Cube consulting is important imo, these guys are very well regarded in their field and their independent assesment will give serious cred to the work already carried out by EXM and aid in progressing the resources further to a point where engineering and feasability work can commence in earnest.

As usual a little 'reading between the lines' is required

Tailings
It seems clear to me that an economic resource has been identified in the tailings, wide spaced drilling has been done and assays recieved. The fact that "further infill drilling is planned to increase the statistical confidence of the tails material so that these can be included in future resource calculations" bears out this assumption.

Juno
This, to me, is the exciting bit. The 1st two holes were testing the overburden where the Juno ore body is open. This is untested ground and until now would have been modelled as barren overburden, any mineralisation found in this zone will seriously impact the already 'robust economics' of mining Juno. The announcement states that the core is currently being cut before being sent for assay, but what i find curious (and exciting) is that having eyeballed the core a follow up program is being planned before assays are to be recieved ?? To me this says that the core has visually provided some clues as to the nature of the mineralisation and is worthy of further drilling. My understanding is that the gold at TC is generally not visible in the core but copper is and that at Juno the copper zone is usually found above the gold zones. So perhaps they have found a new zone of mineralisation above the Juno resource, results from these holes will be released when available (not as a batch ?)

Shallows
mostly infill drilling but some exploration targets have been tested NM4,NM6 and NM7 and could result in further shallow openpittable resources.

Infill results should be in line with previous highgrade results and will increase the level of confidence JORC category as well as adding Ounces to the inventory but i feel the real kicker will be in the assays from those Juno holes