First Asset Morningstar Emerging Markets Composite T.EXM.A

Cash costs

[SMF069]

Rest assured cash costs will be nowhere near $900. Always remember very few juniors generate any cash flow. (EXM is expecting to generate approx. 4 million dollars in 2008). EXM has a land package that is the envy of most juniors. Quite simply, you can buy EXM blind at these levels. Good luck. SMF069

[bryancj]

eResearch put gold cash costs at $204/oz and silver cash costs at 2.35 in their Dec06 Analyst report on EXMIN. Forecast 2008 position: GOLD Gold cash costs $204 plus 25% (assmued increase plus other costs)= $255/oz. Take an average market price of $850 for 2008 gives us $595 revenue/oz At production of 25000 oz = $14,875k total revenue for the Moris mine Exmin 30% share is $4,463