Lets summarize some important points -

1. As has been stated on this board, an increased SP, in and of itself, doesn't attract institutional investors to begin buying EXN shares - contrary to NR by mgmt.

2. What is the investment community looking for? Well we're in production, as one of the highest grade silver producers in NA - then what's missing? Why a NI 43-101!!

This isn't discussed at all in the mgmt summary, they simply want to take the lazy way of increasing the SP by share consolidation, at the expense of shareholders!

I've owned shares since EXN went public, so well over 10 years (of course I sold at the $2 level)

Is this how mgmt rewards loyal shareholders??

3. So the company manages to increase the SP, then silver tumbles in the short-run and these gains are wiped out - this has happened the last time EXN mgmt floated the idea of a share consolidation, one I talked mgmt out of (they were glad they took my advice).

WB