Ann: Strategic Partnership with Zijin Mining and Placement, page-15

Similar thoughts, the market has valued Xanadu Mines as a whole entity at around $35m for Months so no miracles were expected.

$20m (roughly) to do PFS - assuming this includes the $3m (roughly) of resource drilling.

Leaves $26m for further exploration @ around $100 per metre (very cheap rate of drilling).

Some of this will no doubt be left over for DFS unless they are either really going to get into it with extra rigs or find another project or two.

China, due to location, is the obvious market for the Copper concentrate. Rail lines and border ports will be well established by timeline to mine.

It is a positive step towards development of the resource, which, up until today was still debatable. No guarantees but a positive step. Gltah