Not just EXS is in the toilet, it's the whole sector/all mines that are flushed down the toilet, trading at a historical low so far (compared to the fundamentals, e.g. gold price etc.).

And indeed, no one cares whether we complain on boards or anywhere else.

Also in fact most of the big boys out there ignore the mining sector.

The question is whether this will last for a longer time, which will cause a genocide on the mining sector due to the fact that explorers won't be able to raise cash, or whether we will see a resurrection for the mining sector as seen in 2009.

TSX-Venture already started another attempt to break the downward trend that started in 2011. Maybe he will succeed and we right now see a change of trend?


However, EXS itself is not a bad company and also the resource itself is promising.

But as long as the market ignores this kind of companies and ignores the resources, EXS' only chance is to continue the work, expand the resource and pray that the market conditions for mining companies will change anytime soon!


Thus, EXS as all the other exploration companies out there are nothing but a bet on a changing mining sector. There are very few companies which will trade against the overall trend and will outperform the market!

So within the next 2 years we will either see a sp above 50ct again or EXS will disappear in the dust bin of the TSX-Venture, together with hundreds of other promising projects!


We can continue to discuss about how underrated these companies are and how outstanding these recources are, it won't change anything on the market itself. And also 90% of the other investors out there, including most of the experts, don't have a clue where the markets will go in 2013 and what to expect from the mining sector.


They are all just blabbering on and on again to hide their fear and to share hope.


And in fact, there are just two signs which give me a little hope in these depressive times:

• possible outbreak of the TSX-V

• insider buying on many TSX-V-companies began to rise over the last 2-3 months.

All other fundamentals as well as a the macro economic forces me to be bearish on the mining sector!