XRA: Caspiche PFS Update

JOHN HAYES, BMO Capital Markets (03/15/2011)
"Exeter provided an update on the two prefeasibility studies currently underway on the Caspiche project. Target completion timelines are unchanged with the study considering a stand-alone oxide development expected to be completed in Q211 and the second study examining mining both the oxide and sulfide deposits targeted for completion in Q311.

Given that the majority of Capsiche's estimated contained metals are sulfides, BMO Research's position is that the upcoming combined oxide/sulfide PFS is of greater importance in assessing the overall project than the oxide-only study."

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