for those with little faith......

..... some highlights

We are all frustrated about the issue of results. However, the Co has taken a position on this issue and i for one can see the wisdom behind it. Admittedly they have 'moved the goal posts' on this issue but at the same time the market environment is not what it used to be. This probably upsets s/t traders more than the rest of us. I am sure they will return once results become available.

Worth pointing out that these s/t traders were largely responsible for the speculation that saw the sp get ahead of itself late last year. With 530,000 Oz jorc resource i have often said that i consider 3-3.5c to be a better reflection of fair value for exm in the absence of further resource upgrades. For now the market cares not for fair value (esp. in speccies) and so here we sit at roughly 40% below what i consider fair value. BARGAIN TERRITORY

As i pointed out yesterday, current sp attributes a value of approx AU$51 Oz on current JORC RESOURCE. This is ridiculously cheap imho and clearly does not allow upside potential for the resource upgrades forecast by the Co, nor does it reflect the large cash position(no debt) of EXM nor its extensive drilling program.

The FULLY FUNDED DD and RC drilling program will continue throughout this year and into next. Some highlights from last exploration update;-

* "The Nobles Nob Wst MINERALISATION remains OPEN IN ALL DIRECTIONS and further rc drilling is planned."
* Shaft 12 based on historic data has potential for open pit mining. 1st pass drilling is complete.
* Rising Sun drilling recommenced with a view to outlining AN OPEN PITTABLE RESOURCE.
* A considerable amount of drilling is planned to test the Juno, M10, Juno East, G11 and other targets.
* Tanami aeromags complete and awaiting interpretation with EXM having received SIGNIFICANT j/v approaches from interested parties.

The current JORC RESOURCES OF 530K oZ comprises resources at Juno, M10 and Nobles Nob.
Judging by announcements so far it seems clear to me that, in addition to current JORC 530k Oz, the management is very confident of defining new open-pittable resources at Rising Sun and Shaft 12 in order to achieve early production as well as increasing Jorc reserves at Juno, M10 and Nobles Nob. Whilst also following up several further mineralised zones at NN West, Juno East, G11 and several other targets.
Excalibur has targets coming out of their ears.

If you take a look at the prospectivity of these targets in light of previous finds in the Tennant Creek region (dont forget the grades) it is fairly easy to see that JORC 530k oz will soon be a distant memory and further that the Co target of 2.5m Oz JORC is very achievable.

At a recent conference in NT (attended by EXM) there was apparently much discussion about the possibility of Excalibur moving to early production by exploiting these shallow open-pittable resources. This obviously will translate into early cashflow and exposure to record POG. As well as the obvious benefits of EXM being granted producer status by the market.

Some have accused me of being overy optimistic. Lucky i have broad shoulders and can sleep at night, lol. IMO there are many here who are guilty of being overly pessimistic and i guess that is just a sign of the times.

Good luck to all long term holders, i am confident we will be rewarded

cheers

BoomTrader