Ann: Exploration Update, page-32

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....,.....,.......CEO Andrew Stewart said that copper’s new record high should help draw attention to Xanadu’s flagship Kharmagtai project in Mongolia, which continues to emerge as one of the premier undeveloped copper-gold assets globally.“The company’s exploration has been very efficient, driven by the robust geological model of the deposit and we have now entered an exciting period of cost-effective discovery and growth,” Stewart said.“Recent drilling has registered some of the best intercepts to date on the project with intervals of 200m or greater at +1% copper equivalent. This compares favourably to some significant copper-gold discoveries in recent history, including the neighbouring Oyu Tolgoi project and Cadia-Ridgway deposit in Australia.”In late March, Xanadu reported extremely wide hits in drilling at its flagship Kharmagtai copper-gold project in Mongolia.The Kharmagtai resource currently stands at 600 million tonnes at 0.49% copper equivalent for 2.9 million tonne copper equivalent in contained metal.At this size, it is already one of the largest copper-gold resources owned by an ASX-listed company and one of the few large porphyry deposits on the doorstep of the world’s largest consumer of copper, China.