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Xanadu Mines Ltd.

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Summary

Project:

Kharmagtai

Deposit:Kharmagtai
Location:Mongolia
Commodities:Copper-Gold
Date:10/31/2018
Report Code:NI43-101
Report Type:Resource Estimation
Project Stage:Pursuing Resource Increase/Upgrade
Report details:31-10-2018: Xanadu Mines Ltd. announces a Resource Estimation report for its Kharmagtai deposit at the Kharmagtai project. Updated mineral resource estimate at the project. Xanadu Mines Ltd (ASX: XAM, TSX: XAM) (“Xanadu” or “the Company”) is pleased to an
Resources:(Resource): 129.3Mt @ 0.36% Cu, 0.36g/t Au (Ind.), 468.9Mt @ 0.31% Cu, 0.19g/t Au (Inf.)
CP/QP:[Resources]: Dmitry Pertel (CSA Global Pty Ltd.)
ABSTRACT:Xanadu Mines Ltd (ASX: XAM, TSX: XAM) (“Xanadu” or “the Company”) is pleased to announce that an interim upgrade to the Mineral Resource Estimate at its Kharmagtai Project in Mongolia’s South Gobi region has resulted in a 400% increase in contained copper and a 249% increase in gold (Figure 1 and Table 1) compared with the resource update announced on 19 March 2015 at the same 0.3% Cu cut-off grade. The Mineral Resource estimate has been prepared by independent consultants, CSA Global Pty Ltd (“CSA Global”) and is reported in accordance with the JORC Code (2012 Edition) and National Instrument 43-101 (“NI 43-101”) to support the upcoming Scoping Study on a shallow, higher grade ‘starter project’. A global Resource update incorporating results from Xanadu’s fourth porphyry discovery at Kharmagtai, Zaraa, and other successful drilling will be incorporated as drilling progresses. Xanadu’s Managing Director and Chief Executive Officer, Dr Andrew Stewart, said: “Xanadu’s exploration has been very efficient, driven by a high-quality geological model and understanding of the deposits. We are extremely delighted with the new results, particularly with the substantial increase in the open-pit shallow Resource base at Kharmagtai. With a 400% increase in contained copper, we are confident that the upcoming Scoping Study will show a financially robust open-pit starter project that will pave the way for Kharmagtai to develop into another high-quality Mongolian mining operation. “Xanadu has entered an exciting period of cost-effective discovery and growth. Since acquiring the Kharmagtai project, we have been able to discover copper at a cost of less than 1c a pound, which is well below the global average of 4-7c per pound. We are now in the privileged position of controlling a large exploration district with outstanding potential. I'm highly optimistic that we will continue to grow the resource base at Kharmagtai where the existing Resource remains open both along strike and at depth. With the discovery of Zaraa and mineralisation intersected down to 1,200 vertical metres and still open, we believe there is an opportunity for a very large-scale system. “The addition of Zaraa to the global resource base should have a positive impact on the overall scale and grade. We are now thinking about how big the mineral endowment could be at Kharmagtai and what future production it could sustain.

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