Exco is pleased to announce that it has completed the sale of the Cloncurry Copper Project (CCP) to Xstrata for $175M.
The Company will now progress to return $135 million (39 cents per share) to Exco shareholders by 31 October 2011 (or under reasonable circumstances where a delay is experienced, as soon as is practicable).
The Company will inform shareholders on the final details and timing of the return as soon as possible.
The cash retained by the Company post distributions will fund the purposeful growth of its remaining asset base. The Board has already approved an initial exploration programme of up to $10 million in NW Queensland.
Exploration activity is underway on a number of priority targets and will continue for the foreseeable future.
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