Comment At the Cloncurry project, exploration is focussed on the Canteen Prospect and its immediate surrounds and the Pumpkin Gully syncline. The Hazel Creek project is 90km to the north of Cloncurry. The key thrust of the exploration update is that advanced geophysics has resulted in Exco having plenty of new targets to drill in 2012 once the monsoon season ends. Also, drilling at some of the prospects where there were resources has suggested that these resources will be upgraded once the new results are entered into the data bases. Full details of the exploration round-up are detailed overleaf.
Recommendation We retain a BUY recommendation with an unchanged target price of A$0.29/share.
EXS Price at posting:
19.5¢ Sentiment: ST Buy Disclosure: Held
