Web version http://newsletters.ideabank.com.au/t/r-e-khjrkty-guybhuju-b/ http://newsletters.ideabank.com.au/t/r-fb-khjrkty-guybhuju-n/ Like http://newsletters.ideabank.com.au/t/r-fb-khjrkty-guybhuju-p/ http://newsletters.ideabank.com.au/t/r-tw-khjrkty-guybhuju-x/ Tweet http://newsletters.ideabank.com.au/t/r-tw-khjrkty-guybhuju-m/ Forward http://excoresources.forwardtomyfriend.com/r-guybhuju-17FDD359-khjrkty-l-c , Quarterly Report - 30 September 2012 Revised WHSP takeover offer recommended by Exco board Exco has released its Quarterly Activites and Cashflow Report for the period ending 30 September 2012. Highlights include: Northwest Queensland Projects Exploration Turpentine: An updated JORC compliant resource for the Turpentine copper-gold deposit confirmed a 181% increase in contained copper.

Salebury: Maiden JORC compliant resource completed with a combined Indicated and Inferred resource of 1.34Mt for 12,000t contained copper and 23,500oz gold.

Wallace South: Drilling confirms significant mineralisation with 40m @ 2.93 g/t Au from 150m, including 17m @ 5.95 g/t Au. Resource Development Mount Colin: New drilling intersected higher grade and thicker zones of copper in the deepest holes.

Two extensional and three infill Diamond Drill holes (DDHs) intersected primary copper-gold mineralisation (chalcopyrite) in the target zone.

The deposit remains open at depth: further down dip drilling is in progress.

Kangaroo Rat: Further positive results were obtained for the Kangaroo Rat Deposit from recently completed infill diamond and extensional reverse circulation drilling programmes. White Dam Gold Project, South Australia Gold production: Joint venture production for the quarter at 3,844 ounces (100%) was down 584 ounces from the previous quarter due mainly to the slowing of the leach rate.

Recovery of final stacked ounces has now reached 77%.

Cash flow: Exco received $5M in revenues for the three months at an average price of A$1,584/oz.

Unit cash operating costs were lower than the previous quarter as expected with the cessation of mining and crushing activities at Vertigo in May 2012.

With unit cash costs of less than $400/oz, cash operating margins continue to be healthy. Corporate Takeover Offer by Washington H Soul Pattinson & Company Ltd: On 23 August 2012 Washington H Soul Pattinson & Co Ltd (WHSP) announced an off-market cash offer of 19 cents per share to acquire all the shares in Exco that it did not already own.

On the 28 August 2012 the independent directors of Exco announced that they had concluded that the offer was inadequate and unfair and advised shareholders to take no action in relation to the offer. On 19 September 2012 the board of Exco announced that, after negotiations with WHSP, a Bid Implementation Agreement had been completed on a recommended conditional increase to the initial offer from 19 cents per Exco share to 26.5 cents per Exco share.

The revised offer was conditional on WHSP receiving acceptances which, together with its existing Exco shareholding, would give WHSP an interest in at least 90% of Excos ordinary shares. On 28 September 2012 WHSP issued a Replacement Bidders Statement which was followed on 2 October 2012 by a Targets Statement from the Exco board.

Both documents were mailed to shareholders on that day. Annual Financial Statements: The Companys annual financial statements were lodged with the ASX on 28 September 2012. To view this announcement in full, please click on the following link:
Exco Resources Ltd.

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