XAM has refreshed its Board and management and reverted to its original, successful strategy of defining major Cu-Au porphyry systems in Mongolia. The Company is currently drilling at its flagship Kharmagtai Project in the South Gobi Desert, only 120km north from RIO’s giant Oyu Tolgoi porphyry mine. Kharmagtai is a district-scale project with at least eight, gold-rich mineralised copper porphyries defined to date. Argonaut believes XAM has both the landholding and team to define a world class discovery. We re-initiate our research coverage with a SPEC BUY recommendation and a $0.09/sh target price.
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