Thank you for raising interest by introducing Bronze Fox. Not...

Thank you for raising interest by introducing Bronze Fox. Not sure if you meant you thought this project had been abandonned, but that is not the case.

Ivanhoe relinquished the tenement in 2006, probably unwillingly, and with Mongolian mining laws in a state of flux, nobody could do much until 2011. The licence to explore was then taken up by TSX Venture listed Kincora Copper, which has reported exploration results for every year since, and these continue to show improvement. Kincora's reports are not easy to follow at a glance, it seems to have experienced difficulties getting drill permits, but at the same time has reported both drilling and surface exploration results. These give a reasonable picture of what has been discovered at Bonze Fox up to the end of 2015.

Given the resutls available, there are big differences between what has been found at Bronze Fox, Kharmagtai, and Oyut Ulaan which make it a mistake to use the lack of a major discovery at Bronze Fox to cast a shadow over the future of Xanadu Mines.

The copper equivalent grades are as good or higher at Kharmagtai, and the intersections are much longer, so it is at the level where an addition to the announced JORC resources would get it over the line. The work to find this addition is well underway and the chances of a further discovery are reasonable.

And while Oyut Ulaan remains highly speculative, there is a degree of magnitude difference in the first reported TENOR of the ROCK CHIPS found there so far. In very rough terms, 10 gms Au per tonne instead of 1 gm, and consistently useful grades for copper, ie >0.25% compared to almost barren in copper for many of the rock chips first reported at Bronze Fox. Based on this I would say the potential at Oyut Ulaan is considerably higher than Bronze Fox.