First Asset Morningstar Emerging Markets Composite T.EXM.A

The eresearch report & target price

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EXMIN Resources Inc. (EXM: TSX-V- $0.37) EXMIN Resources has announced the start of full-scale production at its Moris Mine, an EXMIN/Hochschild joint venture in western Chihuahua State, Mexico. The first gold “baby bar”, or dore, has been poured, and consisted of half gold and half silver. This is a major event for a small explorer like EXMIN, which now controls 30% of a producing mine. The mine is expected to produce 25,000 ounces of gold and 60,000 ounces of silver in 2008. COMMENT: From an analytical perspective, this announcement is viewed positively, as EXMIN will now start generating cash fl ow that will support its exploration activities, and reduce the need to access the capital markets. No change to current EXMIN Resources Target Price of $0.90. The eResearch recommendation remains Speculative Buy. For further information on EXMIN, see our recently-published Update Report of October 17, 2007. Nigel Heath, CFA Analyst