2012 drill results

We should see a steady stream of drill results coming in over the next few months.

It took EXS around 2 years and $30m to create Cloncurry Copper Project mkI sold to Xstrata for $275m.

Some patience and we should see CCP mkII unfold over the next few years.

The company should maintain a steady income stream from royalties, the tail end of White Dam gold, selective small assets sales (Mt Colin, Kangaroo Rat) and I suspect they are getting closer to having another small gold project to get started on.

The macro picture has tightened up credit markets so small players with a modest project will be struggling to fund development and will almost certainly be looking for a partner with cash, expertise and plant....something EXS/PLY have.