"On the 20th of April 2011 Exco Resources Limited (ASX: EXS) announced the sale of its Cloncurry E1, Monakoff and Monakoff-East deposits to X-Strata Limited for $175 million. These deposits have a reported 401,000 tonnes of copper contained within a JORC resource of 52.1 Mt at 0.77% Cu (using mainly a 0.3% Cu/t cut-off) and 384,000 ounces of gold. To put this transaction in perspective, using the same cut-off grade of 0.3% Cu/t, White Range has 198,000 tonnes of copper within a JORC resource of 19.6 Mt at 1.0% Cu and 136,000 ounces of gold. Thus White Range (excluding QMN other deposits) has almost 50% of the contained copper metal within only 38% of the resource tonnes acquired by X-Strata (reflecting a higher grade at this cut-off level for QMN’s deposits)."
QMN Price at posting:
5.2¢ Sentiment: LT Buy Disclosure: Held
