Exco Resources Ltd (EXS) is an Australian focused ASX listed mining company that has been operating for over ten years. Exco focuses on resource and project development through its team of experienced geologists, engineers and commercial specialists.  The Company has a dual focus on developing both the White Dam Gold Project in South Australia, and the Cloncurry Copper Project (CCP) in north-west Queensland.

The White Dam Gold Project

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 9.6Mt @ 1.05 g/t Au for 325,000oz contained.

The project encompasses an open pit mine, dump/heap leach, gold extraction plant and associated infrastructure and is expected to produce a total of 120,000oz of gold at a rate of 50,000oz per annum over the relatively short-life project.

The project is also subject to joint venture arrangements between Exco and Polymetals Australia Pty Ltd (Polymetals). Polymetals have acquired a 25% interest (Exco retains a 75% interest) and will manage the implementation and operation of the project.

Construction has been completed and mining and stacking of ore is well underway. First gold production is forecast for early April 2010.

In the current gold price environment White Dam represents a valuable opportunity for the company. Exco’s share of prospective cash flows from the White Dam Project will ultimately assist in expediting the preferred development strategy for its other copper and gold projects. 

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The Cloncurry Copper Project

The Cloncurry Copper Project (CCP) is centred near the town of Cloncurry in NW Queensland and comprises two key regions of mineralisation, the E1 Camp and the Monakoff group of deposits. Total resources delineated for the project to date are 52.4Mt containing 461,000 tonnes of Cu and 372,000 ounces of Au.

Exco is currently completing a Definitive Feasibility Study (DFS) on the project which will focus on an operation treating 3Mtpa through a concentrator facility located at the E1 Camp to produce ≥25,000 tonnes of copper and 19 0000oz of gold in concentrate per annum, with potential for substantial by-product credits from magnetite and cobalt.

Encouragingly, the project has been granted "Regional Significance" status by the Queensland Government, paving the way for the purposes of the Water Resource (Great Artesian Basin). This decision will be taken into consideration when assessing Exco's application for an allocation of water from the State reserve.

The proximity of the mineable resources at the CCP to Xstrata’s Ernest Henry Operation (located 8km to the east) presents opportunities for the potential treatment of ore through that facility as an alternative to the development of a stand-alone concentrator operation.   Exco will continue to pursue a commercially acceptable ore supply arrangement with Xstrata, whilst continuing to progress the items that remain on the critical path for the stand alone concentrator option.

Exco also intends to continue discussions with third parties (including Chinese investors) in relation to potential investment and off-take arrangements for the CCP.

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Joint Ventures

In addition to the White Dam Gold Project in South Australia and the Cloncurry Copper Project in NW Queensland, Exco has a number of exploration joint ventures in Queensland with major companies including Xstrata, BHP Billiton and Ivanhoe Mines. These JVs are managed by Exco’s partners, creating additional development options, and allowing the company to maintain its primary focus on White Dam and the CCP.

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BARRY SULLIVAN - BSc(Min), ARSM, FAusIMM, MAICD Chairman - Non Executive

Mr Sullivan is an experienced Mining Engineer who has had a successful career in the mining industry, both in South Africa with Anglo American (1969 - 1974) and in Australia with MIM from 1974 to 1995. He had six years as Executive General Manager at Mount Isa, in which capacity Barry was responsible for total operations including regional exploration, four underground mines and one open cut mine, power stations, dams, comprehensive support services such as workshops, chemical laboratory, medical centre etc.

During the year, Mr Sullivan served as Non executive Director of Sedimentary Holdings Ltd. and Allegiance Mining NL (resigned 17 July 2008) and was appointed as Non executive Director of Catalpa Resources (formerly Westonia Mines) in June 2008.

MICHAEL ANDERSON, BSc (Hons Mining Geology), PhD, ARSM Managing Director

Mr Anderson is a graduate of the Royal School of Mines with a PhD and Honours in Mining Geology.  He has over 16 years experience in the southern African and Australian mining industries. His experience has been broad-based extending from exploration geology with Anglo American, through metallurgy and process development with Mintek, to the provision of multi-disciplinary EPCM and project development services with engineering consultancy groups Bateman and Kellogg Brown & Root.

Prior to joining Exco Resources, Mr Anderson was Group Manager for Business Development with Gallery Gold Limited where he was responsible for developing and implementing corporate strategy including project development activities in both Botswana and Tanzania.

ALASDAIR COOKE, BSc (Hons Geology), MAIG Executive Director

Mr Cooke is one of the founding Directors of Exco Resources and has 21 years of experience in the resource exploration industry throughout Australia and internationally.

He is a qualified geologist and throughout his career, has been involved in mineral exploration and corporate development, including eight years spent with BHP Minerals Business Development Group and over ten years managing public resource companies.  

Mr Cooke is a founding partner of the Mitchell River Group, which over the past eight years has established a number of successful resource companies, including ASX listed Panoramic Resources, formerly Sally Malay Mining Ltd (operating the Savannah and Lanfranchie Nickel Projects in Australia), AIM and ASX listed Albidon Ltd (operating the Munali Nickel Project in Zambia), ASX listed Mirabela Nickel Ltd (developing the Santa Rita Nickel Project in Brazil) and ASX listed African Energy Resources Ltd (developing uranium projects in Africa).  Mr Cooke is a former director of Sally Malay Mining Ltd and is currently Executive Chairman for African Energy Resources Ltd and an Executive Director for Energy Ventures Ltd and Albidon Ltd. 

CRAIG BURTON, LLB, BJuris Non Executive Director

Mr Burton is a corporate solicitor and an experienced and active investor in start-up projects and businesses, both publicly listed and private.

Over the last 16 years he has co-founded numerous development companies, with a focus on the resources, oil and gas, mining services and agribusiness sectors. He often takes on a commercial executive role to assist the early development of such companies.

Mr Burton is currently an Executive Director of Mirabela Nickel Limited and a Non-Executive Director of Wildhorse Energy Limited, Matra Petroleum plc, Solimar Energy Limited, Rewards Group Limited and Capital Drilling Limited. He has a Bachelor of Laws degree from the University of Western Australia and is a member of the Australian Institute of Company Directors.

PETER REEVE Non Executive Director

Mr Reeve has a Bachelor of Science (Metallurgy) from RMIT University and has been involved in the Australian Resources Industry for approximately 25 years.

His industry experience includes positions with Rio Tinto, Shell-Billiton and Normet Consulting, a metallurgical consulting firm, before joining Goldman Sachs/JBWere in Investment Management and Corporate Finance roles relating to the Australian Resource Industry.

In 2001, Peter joined Newcrest Mining Ltd., as part of the Executive Committee responsible for corporate development and market related aspects for the group, a position that he occupied until 2006.

Mr Reeve is a director of Ivanplats Syerston Pty Ltd, Ivanplats Holding Company Pty Ltd and Ivanplats Services Pty Ltd (all Australian subsidiaries of Ivanhoe Nickel & Platinum Ltd.) and is currently Chief Executive Officer and a Director of Ivanhoe Australia Limited (Exco’s major shareholder).

EAMON BYRNE, FCCA Chief Financial Officer / Company Secretary

Mr Byrne is a qualified accountant with over 20 years experience in the mining and resources industry.  Prior to joining Exco, Mr Byrne worked for Albidon Limited, Woodside Petroleum and WMC Resources Ltd on a range of Australian and international projects. His experience, prior to his involvement in the mining industry, includes retailing, manufacturing and distribution.

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