xmen buy cloncurry cu project from exs $175m

Xstrata to acquire
Cloncurry Copper Project for $175 million
Exco Resources Limited (Exco) is pleased to announce that it has entered into an agreement
to sell the Cloncurry Copper Project (CCP) to Xstrata Copper (Xstrata) for $175 million (the
Proposal).
Following completion of the Proposal, Exco�s assets will include:
o Approximately $220 million in cash;
o The Hazel Creek advanced stage copper-gold exploration project;
o 75% interest in the White Dam Gold Joint Venture;
o Great Australia copper royalty entitlement; and,
o An additional 2,400km2 of highly prospective exploration tenements in the Cloncurry
region, including resources such as Mt Colin, and other advanced exploration projects.
Post transaction Exco will be well funded for a major programme of drilling and test-work at
Hazel Creek, where results have shown the existence of large areas of copper-gold-magnetite
mineralisation with potential to define large tonnage, open-pit style deposits. Preparations are
underway for this programme.
After providing for exploration and business development budgets it is the current intention of
the Exco Board to distribute up to $100m of surplus funds to shareholders.
The Exco Board believes the Proposal is in the best interests of all shareholders and
recommends that shareholders approve the Proposal.
A notice of meeting to seek approval of the Proposal will be distributed to shareholders in due
course.