gold gold gold, page-19

obk
agree that juno, m10 etc will provide some very sexy intersections, when they get to them. However, these resources are already fairly well defined.Further drilling is designed to increase the level of confidence ie. from indicated to measured.
the real value add for exm will be finding and testing extensions of these and further proving up of nearby mineralisation that has been lightly explored. one can understand why these surrounding bodies were underexplored in light of the huge grade and tonnage that were being mined nearby at the time, followed by slumping pog.
If exm can identify 3 or 4 new resources and get them jorc compliant this is where the significant resource upgrade will come from.

If EXM can bring its jorc resources up to 2m Oz at current spot prices that is A$2b worth of gold with a conservative in ground value of around A$200m.
with encouraging 1st results (3 of 3 holes find gold) coupled with old data it seems highly likely to me that areas surrounding current jorc resources are highly pregnant with the yellow stuff.this coupled with the fact that we have a ton of cash and drilling all year leaves me confident that there is a very good chance that Excalibur will achieve its stated goals

cheers

BT