www.excoresources.com.au
Exco Resources Ltd has a clear development strategy for its highly prospective project portfolio. The portfolio currently includes the White Dam Gold Project in South Australia and the Cloncurry Copper Project in NW Queensland.
Exco Resources denies press speculation over takeover bid linked to Cloncurry Copper Project
Exco Resources (ASX: EXS) has clarfiied that it is not in discussions with any international entity regarding a takeover bid for the company.
Exco is no longer in a trading halt on the release of this annoucement. The company has noted speculation in the press this morning regarding an ‘approach from an international bidder,’ linked to interest in the company’s Cloncurry Copper Project (CCP).
Exco is continuing to pursue a number of options in relation to the development of the CCP.
In a statement Exco said "whilst the company continues to engage in discussions with a number of interested parties about those options, these discussions are indicative and/or incomplete and any conjecture about any such discussions or a resulting transaction is premature."
The company has entered no binding arrangements in relation to any proposed transaction at this stage and can give no assurance that any transaction will eventuate from these discussions.
On December 17 Exco established a maiden JORC reserve at its Cloncurry Copper Project (CCP) located in North West Queensland.
The open pit ore reserve estimate is 28.1 million tonnes at 0.83% copper & 0.24g/t gold.
Growing confidence in Exco's ability to establish a sizeable 3 million tonne per annum operation at Cloncurry would not be lost on Xstrata (LON: XTA), with its Ernest Henry operation located just 8km to the east of Exco's CCP project.
In April 2010, Xstrata said, it "was looking at opportunities with juniors in the region to help bolster mill feed as the project transitioned to underground mining”.



















