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EXS: QUARTERLY REPORT - 30 JUNE 2012
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EXS: Quarterly Report - 30 June 2012
Exco continues exploration and resource development programmes
Exco has released its Quarterly Activites and Cashflow Report for
the period ending 31 March 2012.
Highlights include:
Northwest Queensland Projects
Exploration
Drilling on new regional targets (tier one potential) has
commenced and three drill rigs are currently in operation on the
companys tenements.
Drilling at Wallace South is in progress.
Results from initial phases will be reported separately once
finalised.
Drilling is in progress at the Turpentine Deposit
targeting down dip extensions to the current resource.
Resource Development
Exco continues to de-risk and add value to two wholly owned
projects, the Mt Colin Underground Project and the Kangaroo Rat
Open Pit Project.
A 3,000m diamond drilling programme at Mount
Colin commenced towards the end of the quarter.
A resource
update will be completed once results from drilling have been
received.
Ten infill diamond drill holes for approximately 700m
were completed at Kangaroo Rat during the quarter.
A resource
update is expected to be completed by September 2012.
White Dam Gold Project, South Australia
Gold production Joint venture production for the quarter at 4,437
ounces (100%) was down 1,146 ounces from the previous quarter.
The expected run down of Hannaford pit production was offset by
the start of production from Vertigo ore.
Leaching continues
with recovery levels continuing to exceed initial predictions.
Vertigo development and exploration: Mining of the Vertigo
deposit was completed in early May.
Production will continue
until the December quarter.
The joint venture partners continue
to explore for other opportunities in the Drew Hill area.
Cash
flow: Exco received $3.4m in revenues for the three months at an
average price of A$1,588/oz.
Unit cash operating costs were
slightly lower than the previous quarter as expected with the
cessation of mining activities at Vertigo.
Operating margins
continue to be healthy.
Corporate
Board Changes: On 3 July 2012 the board announced the resignation
as a non-executive director of Ivanhoe Australias nominated
representative, Mr Peter Reeve.
Mr Mike Spreadborough, currently
COO of Ivanhoe Australia has been nominated to replace Mr Reeve.
Great Australia Royalty: On 19 July 2012 the Company informed
the market that CopperChem Ltd was disputing the Companys
entitlement to the Great Australia Royalty under the 2009
Alliance Agreement.
Exco intends to initiate discussions with
CopperChem with a view to resolving the matter as soon as
possible.
To view the full announcement, please click on the following link
:
Exco Resources Ltd.
Level 2, Colin St, WEST PERTH WA 6005 Tel +61
8 9211 2000 | Fax +61 8 9211 2001
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