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 ASX; EXS
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Company Statement
Exco Resources Ltd has a clear development strategy for its highly prospective project portfolio. The portfolio currently includes the Cloncurry Copper and Hazel Creek Projects in NW Queensland and the White Dam Gold Project in South Australia.
Current Outlook:
- Focused on expediting development of, and cash flow from, the White Dam Gold Project in South Australia
- Expanding the Cloncurry Copper Project resource base of 51Mt containing >420,000t Cu and 370,000 oz Au
- DFS underway on the Cloncurry Copper Project; evaluating both stand alone and ore supply development scenarios
- EIS submitted for Cloncurry Copper Project, in line with the Company's aim to be in production from the CCP in 2011
- Exploration planning underway targeting Cu-Au mineralisation at the Hazel Creek project where a 1.8Mt resource at 1% Cu has been established
- Ongoing assessment of JV opportunities in the highly prospective Cloncurry region
Current Operations
WHITE DAM GOLD PROJECT (EXCO 75% - POLYMETALS 25%)
The White Dam Gold Project is located in South Australia, approximately 80kms west of Broken Hill. White Dam is an advanced development project which includes a resource inventory of 10.12Mt @ 1.04g/t Au for 338,000 oz contained.
Highlights during the current quarter (as at September 2009)
- Completion of White Dam JV Agreement: Exco and Polymetals Group Pty Ltd have completed the formalities of their production joint venture agreement. Polymetals have acquired a 25% interest and will manage the implementation and operation of the project.
- Exco & Polymetals Secure Project Finance with Barclays: Finance of up to $16 million for the White Dam Joint Venture, by way of a gold-linked prepayment facility, has been executed.
- Mining Tenement Bond Put in Place for White Dam: The White Dam Mining Tenement Bond is now in place following approval of the Mining and Rehabilitation Programme (MARP) for White Dam by Primary Industry and Resources, South Australia (PIRSA).
- Key Contracts In Place & Preliminary Site Works Underway: Preliminary site works at White Dam have started with a view to first gold production in early 2010. Key contracts have been let including mining and earthworks. Relocation of the second hand processing plant (purchased in 2006) to site has commenced.
CLONCURRY COPPER PROJECT (EXCO 100%)
The Cloncurry Copper Project (CCP) is centred near the town of Cloncurry in NW Queensland, and is made up of numerous tenements and mining leases. Total resources delineated for the project to date are 51Mt containing 425,000 tonnes of Cu and 373,000 ounces of Au.
The CCP currently comprises two key regions of mineralisation, the E1 Camp and the Monakoff group of deposits. Significant drilling campaigns have been carried out in both regions with the E1 Camp hosting ~45Mt @ 0.75% Cu and 0.21g/t Au and Monakoff hosting 4Mt at 1.32% Cu and 0.42g/t Au.
Exco is currently completing a Definitive Feasibility Study (DFS) on the project. The DFS will focus on an operation treating 3Mtpa through a concentrator facility located at the E1 Camp. At this throughput the project will produce ≥25,000 tonnes of copper and 19 0000oz of gold in concentrate per annum with potential for substantial by-product credits from cobalt and magnetite.
Conventional blast, excavate and haul mining techniques will be utilized to recover the ore from open cut pits. Ore will be mined from two areas, the E1 Camp and the Monakoff Deposits to the south. Ore will be transported from Monakoff to the processing facility to be located at E1. Pit designs indicate a maximum mining depth of 250m and average strip ratios of 4.5:1. Processing of the ores will be by means of conventional crushing, grinding and flotation to produce a sulphide concentrate that will be shipped to third parties for smelting and refining.
Highlights during the current quarter (as at September 2009):
- Indicated Resources increased by 22%: Indicated Resources at the Cloncurry Copper Project (CCP) have increased by 22% to 28.0Mt @ 0.91% Cu and 0.25 g/t Au. The Company's interim goal of over 25Mt of Indicated resources within the CCP, as the basis for the Definitive Feasibility Study, has now been achieved.
- CCP - Project of Regional Significance: The Department of Infrastructure and Planning in Queensland has deemed Exco's Cloncurry Copper Project to be a "project of regional significance" for the purposes of the Water Resource (Great Artesian Basin) Plan 2006.
- Environmental Impact Statement Submitted: Exco has submitted the EIS for the CCP, in line with the Company's aim to be in production from the CCP in 2011.
- Exploration Planning Underway: Exploration planning, targeting “higher grade” mineralization, is underway at the Monakoff group of deposits.
HAZEL CREEK & BOOMARRA PROJECTS, (EXCO 100%)
The Hazel Creek Project, which is situated approximately 90kms north of Cloncurry, incorporates a substantial area of prospective land that to date has had limited exploration. The project area includes the Turpentine Deposit (1.8Mt @ 1.03% Cu & 0.2 g/t Au) discovered by Exco, and a number of prospects where ore grade mineralisation has been intersected.
The more advanced prospects include:
- Eight Mile Creek best intersection to date of 30m @ 0.90% Cu.
- Eight Mile Creek North best intersection to date of 44m @ 0.90% Cu & 0.1 g/t Au.
- Eight Mile Creek East best intersection to date of 16m @ 0.86% Cu & 0.2 g/t Au.
- Brumby best intersection to date of 20m @ 0.78% Cu.
- Quail Creek high grade boulders of oxide copper at surface anomalous copper in drilling to date.
- Turpentine South best intersection to date of 12m @ 0.79 % Cu & 0.42 g/t Au.
An exploration program is currently being planned for the Hazel Creek Project area.
JOINT VENTURES PROJECTS
- Ivanhoe JV
- Pardigm Metals JV (Toolebuc Resources Pty Ltd)
- Liontown Resources JV
- Polymetals JV
- Black Rock Minerals JV
For more information on the Company’s Joint Venture Projects, please visit the Exco website: www.excoresources.com.au
Geographical Spread
Australia
Board of Directors and Key Management
| Mr Barry Sullivan | (Non Exec. Chairman) |
| Mr Michael Anderson | (Managing Director) |
| Mr Alasdair Cooke | (Executive Director) |
| Mr Craig Burton | (Non Exec. Director) |
| Mr Peter Reeve | (Non Exec. Director) |
| Mr Eamon Byrne | (CFO & Company Secretary) |
Company AddressLevel 2
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CapitalExisting Shares 326,065,892
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Annual General Meeting(2010 AGM TBC) | Year End30 June 2010 |
Broker/Analyst Reports
06/10/09 - Fox Davies Captial
16/09/09 - Fox Davies Captial
03/08/09 - Fox Davies Captial
22/06/09 - Aegis Junior Resources Report
Major Shareholders
| As at 22 September 2009 | |
| Top 10 Shareholders | Percentage of Total Shares on Issue |
| Ivanhoe Australia Ltd | 20.2% |
| Lion Selection Group Ltd | 9.3% |
| Mr Alasdair Cooke | 5.7% |
| JP Morgan Nominees | 4.2% |
| ANZ Nominees Ltd | 3.0% |
| Mr Craig Burton | 2.1% |
| HSBC Custody Nominees (Australia) Ltd | 2.0% |
| Eastern Goldfields Exploration Pty Ltd | 1.7% |
| MR Geoffrey Rol | 1.4% |
| Shorlane Pty Ltd | 1.0% |
| TOTAL | 50.6% |
Related News
07/12/09 - Exco Will Be Producing Gold Imminently, And There's Copper On The Way Too21/09/09 - Exco Resources Will Be Producing Gold In Australia Within Six Months, And There’s A Large Copper Project In The Background Too
Most Recent Statement
12/03/10 - Half Yearly Report and Accounts04/03/10 - High grade Mt Colin resource adds to Cloncurry Cu Project
29/01/10 - Quarterly Activities and Cashflow Report 31 December 2009
30/10/09 - Quarterly Activities and Cashflow Report 30 September 2009
26/10/09 - 2009 Annual Report
22/10/09 - Placement of $10.1M to advance Queensland Copper Projects