new EFS, page-22

Once upon a time ...what has changed since then other than RXM has upgraded their resource few times........IMO luck will change for holders one day as we all agree there will be a mine one day minus little hiccups on the way to get there.......... market cap as of today $28m ...its got to be better than that.....

Patersons Securities - Alex Passmore, Head of Research
Rex Minerals (RXM)
RXM’s current Share Price is $2.45 implying a market capitalisation of $376 million, and the company is well funded with cash of $90m. RXM’s flagship project is Hillside where the resource is 170mt @ 0.7 per cent copper and 0.2 grams per tonne gold for 1.2mt copper & 1.1 million ounces Gold. Recoveries are in line with expectations for an IOCG (iron oxide copper gold) type ore body with copper from 90-94 per cent, gold from 75-77 per cent.
Magnetite (iron ore) could also be recoverable with initial work suggesting it could produce a 65 per cent iron concentrate.
RXM has been conducting plenty of exploration to build on this resource with drilling of 47,500 metres (3 to 5 rigs) in 2011 and plans to drill 100,000m to 120,000m (7 to 8 rigs) in 2012. Development catalysts from here are (1) JORC Reserve and Resource upgrade to be released July, (2) delineation of 1.5mt to 2.8mt of contained copper and (3) results of a pre-feasibility study due for release in second half of calendar year 2011.
With a large resource and strong development progress RXM will be attractive to several large / mid cap companies looking for copper exposure. RXM would be attractive to its near neighbour OZL which has about $861m in cash and a six-year mine life remaining on Prominent Hill.
Note RXM Hillside operation is 600km from Prominent Hill. OZL Chief executive Terry Burgess commented during the week that he has set aside $750m for purchases and is “very busy” assessing targets.