I have just reviewed the 3-D model of the Bristol property and tried to follow the geostats. I must say that the use of geostats to interpret past drilling and identify targets for future exploration is top quality work! The science involved and EXS use of this approach gives me a level of confidence in this group like no other. I have forwarded the PDF to the other juniors that I have contacts with with the message, "this is how to use math and science to direct an exploration program"!

The variography and the log-normal plots have gone a long way to substantiate what may have been used in the past to explore this property, but incorporating the trends found within the geostats i.e. correlated % sulphides, lithology types and related structural settings really gives EXS a great view as to where to place the future exploration drilling. I guess it leads them to drill deep, looking for more syenite and iron-rich intermediate volcanics. The identification of trends in the mineralized zones (plunge) and high-grade veins will allow them to interpret and validate this model with the future drilling. One rarely sees this depth of analysis from an exploration company. If this type of analysis is performed, it is usually kept close to the chest and hidden from the investing community, except for maybe institutional or big money investors. I am impressed with this level of scientific and statistical analysis and from what I can follow (I did the initial geostats for the Castle Mountain Mine and have taken short-courses on geostats from Mackay School of Mines) IMO they have done a great job in identifying future exploration targets. I bought into EXS because of the East Bay Property because of the proximal location to the Beattie/Donchester Mines in Duparquet, Quebec, but this west Timmons property has me buying more shares.

My opinion only, DYODD, it has been a while since working in the Hart mining district for Viceroy Resources, but I still think I can read log-normal plots and semi-variograms. Not investment advice.