getting close to asset backing now, page-34

Nice detailed reply @plough. It's good to see hot copper used to bounce thoughts and provide detailed analysis rather than it become a shit slinging contest which I've seen happen many times.

I totally agree that going independent on a project with potential in ground value of 2.5 billion is doable and very appealing for a company of our current size and we definitely have the funds to keep drilling and sure up a reasonable size resource ourselves.

To give further context as to my thinking of why look for a JV with one of our neighbours to get the ball rolling as opposed to going it alone it comes from my background in banking. I spent quite a few years in commercial banking and I know how hard it is to obtain project finance for a junior miner especially if we are going into a economic down turn. I can speak from personal experience of the GFC and can say that many banks - including the one that I was at - turned off the tap for start up mining Capex. Fortunately Exore does have a saving grace in that our ground is full of stuff that most banks want and will be willing/keen to hedge as part of a project finance deal.