Let's go Mining

Time to get into it. Looks like a good (conservative?) JV to get EXG mining and importantly generate cash flow.

Subject to regulatory approvals, Excelsior Gold is targeting commencement of mining
operations in the June Quarter 2015 for delivery of ore to the Paddington Mill for processing in
June/July 2015.

Pursuant to the Bardoc South Ore Treatment Agreement, Norton agrees to process up to
400,000 tonnes of ore from the satellite deposits over a period of approximately six months.
Excelsior Gold will be responsible for all of the mining operations whilst Norton will be
responsible for haulage and milling of the ore.

The amount of contained gold derived from the Company’s ore will be calculated via a robust
grade determination and gold recovery procedure prior to blending and processing of ore at the​

Paddington Mill. Payment for milling will be based on an open book, cost plus structure.

IMO looking hedge around A$1500 / oz out to end 2016.