Ann: Resignation of Managing Director / Appointme, page-22

re: Ann: Resignation of Managing Director / A... Ok, here is a summary of my conversation with GL today. As I suspected, not all was overly positive, so I am looking for input/thoughts/comments from other posters in writing this. I won't bother posting such info again if I don't.

- firstly, GL was very open and happy to talk. Much more helpful than MA in fact.

- I was mainly interested in discussing WD given the current gold price. He said recovery rates have reached 75% which are way above the budgeted 65% . Can anyone tell me what this translates into in terms of ounces left from the main pit?

- on the negative side, he wasn't overly enthusiastic about the WD extension, saying there was a "reasonable" chance it would be extended. Apparently there is a much higher strip ratio and mining of the satellites is uneconomic if the POG falls below AUD1,700. They are considering proceeding and putting some hedges in place, but he said not to expect too much growth as the extension will be "incremental at best". Hopefully the gold price continues to rise...it was a little bit taken aback in hearing all this and forgot to ask how this happened given how positive MA had been in the past.

- the class ruling was lodged with the ATO on 28 July, so don't expect a result until the end of next month. 31 October was the most realistic date he said for the distribution.

- apparently there are 3 interested parties in the Mt Colin resource - Xmen, CopperChem and one other. They are currently working out whether they enter into another royalty arrangement or sell it outright and he said to expect an announcement on this shortly. Does anyone have an idea what this would be worth? I presume it has a similar value to the Great Australia royalty?

- other exploration has yielded some encouraging results, but nothing that has set the house on fire. Don't expect results for a few months.

- acquisitions are still on the agenda, but no details were given

All in all, I still think EXS is a value proposition, but sounds like it will be a bit of a longer slog than I had hoped. I guess the market got the jump on me once again!