It's a very exciting time to be an AusQuest shareholder, with credible, big-picture exploration activity now taking place on three fronts – Peru, Burkina Faso and the Fraser Range province of Western Australia. The stock offers exposure to up to $41m worth of combined exploration funding, yet with a market value of just $11m. Of most pressing interest is the fact that AusQuest's recently-established copper-gold exploration joint ventures in southern Peru with two major copper companies – Southern Peru Copper Corporation and Compania Minera Zahena SAC - are progressing well towards initial drilling programs. Recent market conditions have typically worked against companies with serious exploration ambition, but in AusQuest’s case challenge has brought opportunity. AusQuest’s farm-out/funding achievements differentiate it from the vast majority of its exploration sector peers. The quality of its projects and the quantum of its funding deals reflect the hard work undertaken by AusQuest over recent years and we anticipate further share price appreciation once accelerated exploration activity commences.