comparison to ovr, page-5

While I hold BOTH RXL and OVR, I would say they are both quite different.

OVR of course is much further ahead, with mining hopefully to commence in the next 1-2 years. While OVR has a much smaller resource than RXL, the vast majority is in the Measured and Indicated status, rather than the Inferred status of RXL.

RXL, yes, has a much larger resource, however they have a JV with Teck, whereby they will only retain a 30% interest. This 30% interest reduces their stake in the resource from 43MT to 12.9MT. If Teck finds the resource to be as big and economic as we hope, it is most likely they will take up a 70% stake, as agreed in the JV.

RXL does have other tenements now, however, they both require much more work before anything further comes to light.

So, to sum it up, the portion of the tenement that RXL may ultimately own will be very similar to the size of OVR's. RXL does have a long way to go, and of course, resource upgrades in that time will bode well. Additionally, exceptional finds at Marqua and now Fisher will bode well. However, there are still a lot of boxes that RXL needs to tick before it can say it's at the same stage as OVR.