LEVEL 2

8 COLIN STREET
WEST PERTH WA 6005

PO BOX 1726
WEST PERTH WA 6872

TELEPHONE: +61 8 9211 2000

FACSIMILE: +61 8 9211 2001

ASX SHARE CODE: EXS

EMAIL:⋅info@excoresources.com.au
WEBSITE www.excoresources.com.au

ABN 99 080 339 671

8th July 2008

Market Release (via electronic lodgement)

POSITIVE PRE-FEASIBILITY OUTCOME FOR CLONCURRY COPPER PROJECT

• Results from the recently completed Pre-Feasibility Study have successfully demonstrated
both the technical and commercial credentials of Exco’s Cloncurry Copper Project

• Production of ~20,000tpa of Cu and ~13,000ozpa of Au over an initial 11-year mine life

generates a robust base case project valuation (NPV = A$126M) with significant upside

• On the basis of these positive results the Board intends making an immediate commitment to
the Definitive Feasibility Study phase

INTRODUCTION
Exco Resources Limited (Exco) is pleased to provide a summary of results from the recently
completed Pre-Feasibility Study (PFS) on the Cloncurry Copper Project (CCP). The PFS commenced
in December 2007 and initially considered options for a 1 to 2Mtpa sulphide concentrator operation
located within the Company’s Project areas (see Figure 1). The preferred scenario of locating a
≥2Mtpa facility at Exco’s flagship E1 Camp emerged quite quickly allowing the Company and its Study
Manager GRD Minproc to focus on developing preliminary engineering designs, cost estimates and
sensitivity analyses for this option, which are summarised below.

In addition to identifying the optimal capacity and location, the PFS has also provided a solid technical
basis for the CCP. Aspects such as mining, ore beneficiation, metallurgy (including by-product
potential), infrastructure and transportation have all been addressed. Each of these aspects will
receive more detailed attention during the upcoming Definitive Feasibility Study (DFS).

In parallel with the PFS the Company has also progressed an environmental impact study (EIS) and
completed the major portion of an infill drilling program targeting conversion of ~25 million tonnes of
the existing ~36 million tonnes of CCP resources (see Table 1) to the indicated category (and
ultimately to a probable reserve) as the basis for the initial 11-year mine life. This drilling and
subsequent resource modelling will be completed during Q3/2008 to allow incorporation into the DFS.

Project valuations are considered robust and compare favourably with peer projects in Australia.
There are also a number of opportunities for significant commercial upside (e.g., further resource
upgrades, pit optimisations, mine planning and scheduling, cost optimisations and by-product
potential), which will all be further investigated as studies continue.

On the basis of both the technical and commercial credentials of the CCP the Board intends making
an immediate commitment to the DFS, targeting completion by the end of Q1/2009.
 ~2~

PROJECT OVERVIEW

Exco’s wholly owned Cloncurry Copper Project (CCP) is located in NW

Queensland with its centre of gravity at the Company’s flagship E1 Camp,
approximately 40 km northeast of the town of Cloncurry and 8km east of Xstrata’s
Ernest Henry Mine (see Figures 1 & 2).

“Critical Mass” of The CCP includes tenements and mining leases with a resource base in excess of
resources in place 35.8 Mt grading 0.93% copper and 0.25 g/t gold (see Table 1). The sulphide
copper-gold mineralization occurs predominantly within magnetite, pyrrhotite, and
chalcopyrite-pyrite mineral assemblages.

Simple open-pit Conventional blast, excavate and haul mining techniques will be utilized to recover
mining ore from open cut pits. The project infrastructure (Figure 2) will be located at the
E1 Camp with ore being trucked from Monakoff and Great Australia to a
processing plant at E1.

Figure 2: Project layout & proposed infrastructure

Processing of the ores will be by means of conventional crushing, grinding and

Conventional Cu/Au flotation to produce a sulphide concentrate that will be sold to third parties for
concentrator with smelting and refining. With an initial 11-year mine life and at a throughput rate of
good by-product ~2Mtpa the project is expected to produce ~20 000 tpa of copper and
potential
~13 000 ozpa of gold in a sulphide concentrate. Magnetite, cobalt and uranium
present upside potential as by-products.
 ~3~

Tailings and waste rock will be deposited in surface dumps adjacent to the
processing plant and respective pits. Water will be sourced primarily from pit de-
watering.

The project is expected to directly employ in excess of 200 people as both

residential staff and on Fly-In-Fly-Out (FIFO) arrangements. Local contractors will
be utilised during both the construction and operational phases of the project.

Completion of the Definitive Feasibility Study (DFS) and the Environmental Impact
Assessment (EIS) is planned for the end of Q1/2009. Subject to receipt of the
Schedule in place
targeting first
relevant project approvals and permits, and procurement of the necessary long
production in late lead items, construction is expected to commence in late 2009, targeting first
2010 production in Q3/2010.

PROJECT SCOPE & PARAMETERS

GEOLOGY & RESOURCES: The resource base for the Cloncurry Copper Project
is made up of six main deposits located in three different geological settings, three
deposits at the E1 Camp (E1 North, South and East), two at Monakoff (Monakoff
and Monakoff East) and one deposit on the edge of Cloncurry at the historical
Great Australia mine (see Figures 1 & 2).
The six resources have been estimated using a combination of inverse distance
JORC Compliant and ordinary kriging. Each of the resources has been reviewed either by
Resource Base independent consultants and/or by Exco’s resource geologists. The resources
have been classified using the JORC code as either Indicated or Inferred (with a
minor amount of unclassified material, depending on the resource). The resource
base is summarized in Table 1.
Infill drilling continues targeting conversion of ~25 million tonnes of the existing ~36
Infill drilling will
million tonnes of CCP resources (see Table 1) to the indicated category (and
convert project
resources to the ultimately to a probable reserve) as the basis for an initial 11-year mine life. This
Indicated category drilling and subsequent resource modelling will be completed during Q3/2008 to
enable incorporation into the DFS.

MINING: The PFS has assessed the economic viability of mining operations at the
six deposits including development of open-pits and the infrastructure required to
access, mine and dispose of waste rock.
The study has produced pit designs, inventories, a schedule and costs associated
with feeding 2 Mtpa of ore to concentrator facility located at the E1 Camp.
On the basis of work completed during the PFS, mining inventories currently total
Strip Ratio = 4.5:1 21.4 Mt of ore at 0.92% Cu and 0.25 g/t Au with an average Net Smelter Return
(NSR) value of $35.6/t of ore. The total mining inventory of 117.1 Mt includes
95.7 Mt of waste at a strip ratio of 4.5:1.
Pit optimisations have been carried out assuming a copper price of US$2.00/lb,
which Exco currently considers conservative.

Mining Inventories
Inventories are expected to increase once infill drilling has been completed and
likely to increase subsequent resource modelling and pit re-optimisation work carried out at a range
of copper prices.

PROCESSING & METALLURGY: A number of metallurgical testwork programs

have previously been completed on the CCP ores with an emphasis on flotation.
The PFS testwork program therefore focused primarily on the comminution section
with the overall aim of obtaining sufficient information to develop a robust process
flow sheet for a 2 Mtpa copper-gold concentrator.
 ~4~

The results show that the majority of samples tested for ore competency are
categorised as hard to very hard favouring the inclusion of a Ball Mill, rather than a
SAG mill as part of the comminution circuit.
The results of the previous flotation testwork can be summarised as follows:
Testwork has • Most primary sulphide composites float well
demonstrated good • There are indications that the copper minerals are fine in size. Finer primary
Cu & Au recoveries
grinds gave an improved copper recovery and concentrate grade
• Gold recovery is associated with copper recovery, cobalt is associated with
pyrite
• Regrinding the rougher concentrate achieves higher re-cleaner concentrate
grades
Metal recoveries are 92% for primary Copper and 80% for Gold.
The current process flowsheet incorporates a single processing line, including a
Simple & three stage crushing circuit, stockpile, reclaim, ball mill in closed circuit with cyclone
conventional process classification, flotation, high rate thickening of concentrate and tailings, pressure
flowsheet filtration of concentrate and truck load-out facilities. Further testwork will be
conducted as part of the DFS to refine this design.

Figure 3: Conceptual Process Flow Sheet

INFRASTRUCTURE & LOGISTICS: Infrastructure development for the project

includes access and haul roads, water supply, power supply, camp
accommodation, the process plant infrastructure and a Tailings Storage Facility.
Sufficient work has been completed to provide preliminary design information and
cost estimates consistent with the level of detail required for the PFS. Further
detailed design will be carried out during the DFS.
Initial transport and logistics studies have been carried out to assess the facilities
Existing available during construction and for product transport. Cloncurry has extensive
infrastructure is well
infrastructure serving the town, with good road and rail access, and an airfield
established
capable of accommodating mid range (Fokker 100) type aircraft. No major issues
are expected as to the delivery of equipment as the existing infrastructure is well
developed.
Concentrate will be trucked either directly to the Mt Isa smelter as is the case from
 ~5~

the Ernest Henry operation, or to existing loading sheds in Cloncurry. The

concentrate would be transferred to rail cars in Cloncurry and moved to the port of
Townsville where it would be transferred to ship for international markets.
Queensland Rail has provided quotations for the cost of transporting the
concentrate to Townsville.

ENVIRONMENTAL: An Environmental Impact Statement (EIS) is currently being

prepared for the CCP, according to the requirements of the Environmental
Protection Act 1994. Potential impacts on the environment due to the construction
and operation of the project will be assessed, and appropriate mitigation strategies
outlined to minimise environmental harm.
The following summary describes the progress of the EIS:
• Draft Initial Advice Statement and Terms of Reference have been completed and
EIS baseline studies are awaiting submission.
well underway
• The wet and dry season flora/fauna assessments have been completed.
• The soil survey has been undertaken and the soil samples are undergoing
laboratory analysis.
• Noise loggers have been deployed on site to collect data for analysis and
modelling.
• Air quality, groundwater, surface water, waste rock and cultural heritage are
progressing with final reports expected in the coming months.

The following additional baseline studies will be undertaken in the coming months:
• Visual amenity
• Social Impact Assessment
• Aquatic Flora and Fauna studies
• Environmental Risk Assessment

TABLE 2: Cloncurry Copper Project – Summary of Key Parameters

Project Owner Exco
Resource (Measured, Indicated, Inferred) 35.8 Mt @ 0.92% Cu and 0.25 g/t Au
Projected plant output (Concentrate) ~20 000 t/a Cu, 13 000 oz/a Au (~500 000 t/a Fe3O4)
Plant Throughput ~2 000 000 t/a
Concentrate Production ~80 000 t/a
Projected plant life ~11 years
Plant Location E1, approximately 8 km east of Ernest Henry
Ore Bodies E1 North, East and South, Monakoff, Monakoff East, Great Australia
Mining Open pit, drill, blast, excavate, haul
Process Crush, grind, float, de-water
Tailings Surface impoundment, conventional slurry discharge
Power requirement Up to 10 MW
Power Supply Grid power - CS Energy/Ergon Energy (TBC)
3
Water requirement ~1 000 000 m /a
Water Supply Pit De-Watering and Lake Julius (Sun Water)
Concentrate Shipping Trucked to Mt Isa or Trucked to Cloncurry and railed to Townsville
Workforce ~200
Workforce location Resident in Cloncurry and FIFO
Project Status Prefeasibility study completed
Environmental Full Environmental Impact assessment in progress
Schedule Construction end 2009, production third quarter 2010
 ~6~

CAPITAL COST SUMMARY

The total PFS capital cost estimate for the CCP is ~A$209M. Table 3 provides a
summary of the CAPEX by area.

Capex of A$209M in The costs are for a 2 Mtpa Cu-Au concentrator based in the Cloncurry district of
line with industry NW Queensland. The costs, which are presented in second quarter 2008
benchmarks Australian dollars, are considered to have an accuracy of ± 25% and are consistent
with a number of industry benchmarks.
Major equipment costs are based on budget quotes received from vendors. All
other items are based on either in-house database information, allowances or
information obtained from suppliers.

Opportunities to It is important to note that the Mining CAPEX includes both the costs for mine
optimise Mining development (pre-strip) and the cost of an owner mining fleet. The treatment of
Capex during DFS these costs will be looked at together with the preferred mining regime (i.e., owner
mining versus contract mining and dry hire alternatives) during the DFS phase.
During the DFS the Company will also be investigating the impact of increasing
Incremental Capex throughput from 2 to 2.5Mtpa. Conceptual estimates suggest project costs will
required to increase
throughput and increase by ~10% for a 25% increase in throughput. Additional Capital Cost
recover by-products estimates will also be compiled during the DFS phase in the context of recovering
by-product magnetite and uranium.

TABLE 3: CAPEX Summary by Area

Direct Costs AREA $A
Mine Pit Development 21 348 834
Mine Infrastructure 6 975 328
Mining Fleet 31 140 615
TOTAL - Mining 59 464 776
TOTAL - Process Plant 50 583 567
Buildings & Various 9 776 979
Tailings Storage Facility 10 718 495
TOTAL - Plant Infrastructure 20 495 474
Permanent Accommodation 10 629 910
Area Roads 10 528 347
Other 2 195 404
TOTAL - Area Infrastructure 23 353 661
Regional Roads 1 226 047
Electrical Power Feeder 7 947 000
TOTAL - Regional Infrastructure 9 173 047
TOTAL - Miscellaneous 4 749 687
TOTAL Direct Cost 167 820 211
Indirect Cost
Construction Facilities & Camp 2 571 903
EPCM 14 742 944
Other 910 347
TOTAL Indirect Cost 18 868 304
SUB-TOTAL 186 688 515
Accuracy Provision 22 205 045
TOTAL 208 893 560
 ~7~

OPERATING COST SUMMARY

Operating costs have been developed using the parameters specified in the
process and mine design criteria. The operating cost estimate (see Table 4) is
presented in second quarter 2008 Australian dollars, and is considered to have an
accuracy of ± 25%.
Cash operating costs (before royalties, but after gold credits) are estimated to
Opex of A$1.62/lb of average A$1.51/lb of payable copper.
payable Cu Total cash costs (after royalties and gold credits) are expected to average $1.62/lb
of payable copper, or $28.66/t of ore treated.
The operating costs are dominated by power, fuel and labour. Significant attention
Opportunities to will be given to optimising these specific cost areas during the DFS.
optimise Opex and
increase by-product No additional allowance has been made during the PFS for potential by-product
credits during DFS credits from Cobalt, Magnetite and / or Uranium. These will be further investigated
during the DFS

TABLE 4: Production Statistics & Operating Cost Summary

Item Unit Life of Mine
Tonnes ore treated/tonne of concentrate t/t 29.8
Net revenue/tonne ore treated A$/t ore 54.6
Net revenue/tonne concentrate A$/t Cu conc 1 630
Cash operating costs/lb payable Cu after credits A$/lb Cu 1.51
Total cash costs/lb payable Cu after credits A$/lb Cu 1.62
Cash Cost Details (Per Pound Payable Cu)
Mining A$/lb Cu 0.72
Processing A$/lb Cu 0.69
General and Administration A$/lb Cu 0.13
Total Cash Costs at Mine Gate A$/lb Cu 1.55
Transport and logistics A$/lb Cu 0.03
Treatment and refining A$/lb Cu 0.31
By-product credits (gold) A$/lb Cu (0.38)
C1 Cash Costs A$/lb Cu 1.51
Royalties A$/lb Cu 0.11
Total Cash Costs A$/lb Cu 1.62

PROJECT FINANCIAL MODEL

A detailed financial model has been constructed for the project by Exco using
capital and operating costs developed by GRD Minproc and commodity price
assumptions based on published forward curves, as summarised in Table 5.
For the purposes of the PFS, the financial analysis has been conducted on a
project basis only. The analysis is on an un-escalated basis and assumes financing
by shareholders.
The principal project case assessed, assumes that the concentrate product is sold
domestically to Australian smelters on a CFR (Cost and Freight) basis with
assumed off-take terms.
The base case model includes only copper and gold products.
 ~8~

TABLE 5: Assumed Commodity Prices (A$)

Year Copper $/lb Gold $/oz
2010 3.80 1 123.55
2011 3.61 1 208.38
2012 3.43 1 296.15
2013 3.24 1 350.00
2014 3.05 1 350.00
2015 2.86 1 350.00
2016 2.68 1 350.00
2017 2.49 1 350.00
2018 2.30 1 350.00
2019 -2020 2.20 1 350.00

Key financial data is presented below in Table 6. All data is presented in

Australian dollars unless stated otherwise
The project life of 11 years is based on mining indicated and inferred resources
delineated in US$2/lb pit shells.

Robust Base Case The base case NPV of A$126.7 million is considered robust with the project
NPV of A$126.7M economics and payback period expected to improve during the DFS on the basis
of:
• further resource upgrades
Significant potential • re-optimising pit shells at a range of higher copper prices
to further improve
project economics • optimising the preferred mining scenario and associated costs, and
• inclusion of additional by-product credits from Cobalt and Magnetite

Finance discussions The financial model will also be further refined during the DFS to incorporate
underway project finance arrangements. Preliminary discussions have commenced with a
number of potential project finance partners.

TABLE 6: Cloncurry Copper Project – Financial Modelling

Item Unit Life of Mine
Throughput Mt/a 2.0
Project life Years 11.5
Pre Production project Capital Costs A$M 187.6
Pre Production Mine Development A$M 21.3
Total Initial Capital Costs A$M 209
Total Sustaining & Deferred Capital A$M 76
Pre-tax
NPV at a discount rate of 8.5% A$M 126.7
Internal rate of return % 28.6
Payback period Years 3.2
Net revenue total A$M 1,168.6
Total operating costs A$M 645.8
Total capital costs A$M 285.2
Total Pre-tax Cash Flow A$M 237.6
Corporate income tax (estimated @ 30%) A$M 71.3
Total After Tax Cash Flow A$M 166.3
 ~9~

SENSITIVITY ANALYSIS

Preliminary sensitivity analyses have been conducted for the project to assess the
effects of changes in key parameters (i.e., copper price, mined Cu grade,
concentrate Cu grade, Opex and Capex) on the IRR, NPV and the pre-tax cash
surplus.
The NPV is most sensitive to the copper price, which is currently assumed to
average US$2.72/lb over the life of the project, and mined copper grade.

Figure 4: Pre-Tax NPV Sensitivity

BY-PRODUCT POTENTIAL

Recovery of magnetite (Fe3O4) and cobalt has the potential to significantly improve
the project economics. This was not included in the PFS base case but will be
Magnetite and Cobalt considered during the DFS.
are technically High level testwork has been carried out on magnetite recovery indicating the
recoverable
technical feasibility of producing a high-grade saleable product, for only incremental
additional capital outlay (~A$10M). Payability will however be linked to marketing
and transport constraints, which require further investigation.
Testwork has also demonstrated that Cobalt is partially recovered to the copper
Potential to generate
concentrate, whilst potential also exists to produce a separate Co-bearing pyrite
significant further
revenue concentrate. The payability of the cobalt in either concentrate will depend on off-
take terms.
Table 7 indicates the potential additional value generated by magnetite and cobalt.

TABLE 7: Project NPV Including Magnetite and Cobalt by-Products

Pre Tax Base Case Base Case + Base Case + Base Case +
Summary Co only Fe3O4 only Co & Fe3O4
NPV $126.7 M $151.5 M $176.8 M $201.6 M
IRR 28.6% 31.4% 32.6% 35.1%
Surplus Cash $237.6 M $276.4 M $321.8 M $360.7 M
 ~ 10 ~

In addition to the potential by-product revenue, several inherent process benefits

Additional process may also be realised by the inclusion of a magnetite recovery circuit. These include
benefits from Fe3O4 additional copper, gold and cobalt recovery realised by scavenger flotation of the
recovery reground cleaner magnetic tails and an approximate 30% reduction in the tails
thickening and storage duty.
The CCP resource base also contains valuable amounts of uranium. While the
Queensland State Government currently prohibits the mining of uranium, it is
considered possible that future mining may ultimately be allowed, creating the
opportunity for a further viable by-product stream. The conceptual process
flowsheet (acid leaching of the tailings stream) and economics of uranium recovery
will be more clearly defined in the DFS.

DEFINTIVE FEASIBILITY STUDY & PROJECT SCHEDULE

Exco has received a number of engineering proposals to assist in the completion

DFS to commence of a DFS for the CCP and, given the positive results generated by the PFS, the
immediately Board intends making an immediate commitment to this next important phase in
the development of the project.
A preliminary project schedule has been completed considering major milestones
such as, completion of the DFS and EIS, project approvals, financing, tendering,
detailed design, construction, commissioning and project handover.
Key milestones include;
• Immediate commencement of the DFS
• Completion of the DFS and submission of the EIS by the end of Q1/2009
A deliberately • A commitment to long-lead items during Q4/2008; the ball mill and vertimill
aggressive schedule are the two longest lead items, with lead times of roughly 85 weeks.
targeting production • Commitment to Project Finance during early 2009
in late 2010
• Completion of the permitting process and receipt of all relevant project
approvals, which will dictate the critical path of the subsequent construction
and commissioning phases
• Assuming no major delays are encountered in the approvals process it is
anticipated that construction may commence in late 2009
• Project commissioning and first production is targeted in late 2010, with
project handover in Q1/2011
The schedule is deliberately aggressive with a view to expediting production and
Exco is well funded
to achieve its maximising the opportunities created for companies such as Exco in the current
objectives commodity price and supply / demand environment.
The Company remains well funded to achieve its immediate objectives with a
current cash position of ~A$20M.

On behalf of the Board

of Exco Resources Ltd

Michael Anderson
Managing Director
 ~ 11 ~

PLEASE DIRECT ENQUIRIES TO

Michael Anderson Geoff Laing

Managing Director General Manager: Corporate & Project Development
Tel: +61 8 9211 2000 Tel: +61 8 9211 2000
Fax: +61 8 9211 2001 Fax: +61 8 9211 2001
E-mail: info@excoresources.com.au E-mail: info@excoresources.com.au

FORWARD LOOKING STATEMENTS & COMPETENT PERSONS STATEMENT

This report contains forward looking statements that are subject to risk factors associated with resources
businesses. It is believed that the expectations reflected in these statements are reasonable but they may be
affected by a variety of variables and changes in underlying assumptions which could cause actual results or
trends to differ materially, including but not limited to: price fluctuations, actual demand, currency fluctuations,
drilling and production results, reserve estimates, loss of market, industry competition, environmental risks,
physical risks, legislative, fiscal and regulatory developments, economic and financial market conditions in various
countries and regions, political risks, project delay or advancement, approvals and cost estimates.
All references to dollars, cents or $ in this presentation are to AUS$ currency, unless otherwise stated.

Information in this report relating to mineral resources and exploration results is based on data compiled by Exco’s
Exploration Manager Stephen Konecny, BSc Hons Geo. (MAusIMM), Mr Mike Dunbar, (who is a full time
employee of the Mitchell River Group and a consultant to Exco Resources Ltd), and who is a member of The
Australasian Institute of Mining and Metallurgy, and Mr Laurie Barnes (who is a full time employee of the Mitchell
River Group and a consultant to Exco Resources Ltd) and who is a member of the Australian Institute of
Geoscientists. Mr Konecny, Mr Dunbar and Mr Barnes have sufficient experience which is relevant to the style of
mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as
Competent Persons under the 2004 Edition of the Australasian Code for reporting of Exploration Results, Mineral
Resources and Ore Reserves. Mr Konecny, Mr Dunbar and Mr Barnes consent to the inclusion of the data in the
form and context in which it appears.
 ~ 12 ~

Figure 1: NW Queensland Tenement Map highlighting Exco’s ground position

and the location of key deposits & prospects.
 ~ 13 ~

TABLE 1: EXCO RESOURCES – NW QUEENSLAND Cu-Au RESOURCE SUMMARY

Grade Metal
Deposit Class Tonnes
Cu% Au g/t Cu T Au Oz
E1 North Indicated 4,162,000 1.22 0.35 51,000 47,400
Inferred 3,770,000 0.99 0.32 37,000 38,400
TOTAL 7,932,000 1.11 0.34 88,000 85,800
E1 South Inferred 15,200,000 0.70 0.18 106,900 89,400
E1 East Inferred 8,000,000 0.83 0.26 66,000 65,500

Sub-total - E1 Deposits 31,132,000 0.84 0.24 260,900 240,700

Monakoff Indicated 926,000 1.59 0.47 14,700 14,000

Inferred 976,000 1.57 0.49 15,300 15,400
TOTAL 1,902,000 1.58 0.48 30,000 29,400
Monakoff East Inferred 700,000 1.25 0.36 8,700 8,000
Great Australia Indicated 1,378,000 1.53 0.13 21,000 5,700
Inferred 756,000 1.57 0.14 11,900 3,300
TOTAL 2,134,000 1.54 0.13 32,900 9,000

Sub-total - CCP 35,868,000 0.93 0.25 332,500 287,100

Other Deposits

Turpentine Indicated 1,626,600 1.04 0.21 17,000 10,800

Inferred 214,600 0.9 0.16 2,000 1,000
TOTAL 1,841,000 1.03 0.2 19,000 11,800
Taipan Inferred 1,460,000 0.80 0.1 11,600 5,000
Kangaroo Rat Inferred 875,000 1.65 1.0 14,400 28,000
Wallace South Inferred*** 1,000,000 - 1.6 - 53,000
Victory-Flagship Inferred 196,000 1.2 1.4 2,300 8,800
Mt Colin Measured** 113,800 3.80 - 4,330 -
Indicated** 311,000 3.49 - 10,900 -
Inferred** 242,000 3.16 - 7,650 -
TOTAL 667,195 3.43 - 22,878 -

Sub-total - Other 6,039,000 1.16 0.57 70,178 106,600

TOTAL 41.9 Mt 0.96 0.30 402,600 393,700

Note: Unless otherwise stated the above resources are reported at a 0.5% Cu cut-off.
**Mt Colin resource cut-off = 2.3% Cu.
*** Wallace South resource cut-off = 0.5g/t