improved analysis, page-9

Adequate, a number of the projects in the Advanced category have scoping studies where you can glean NPV valuations which is a better indication of the cash that will be generated and hopefully flow back to the investor.

I was comparing EXS' CCP project with AVI's Viscaria project - both of which have scoping studies for 10 year 3Mt/pa Open Pit operations and from I see the NPV for Exco's project is twice that of AVI's. That was based on costs that excluded magnetite credits but used a higher copper price, US$3 vs US$2.50 and higher exchange rate .85 vs .75

From what I saw today there are at least four companies considering a 3Mt/pa Open Pit operation that favor a more detailed comparison.

It would also be good to add estimated capital cost. There is a big difference getting $200M for a small open pit that EXS and AVI are considering as opposed to the $3.8B that BOC think they need to get their mine back up and running.