I did a color separation of this banner the other day for a postcard which was not color separated in Publisher, as Publisher cannot do this and their banner was a .jpeg and the outcome was to be spot color.
Although I ordinarily would not use Xara to make a color separation I can show you the same technique I used in CorelDRAW to make the banner. It is fairly simple to do as well in Xara. If I needed to produce color separations of this, I'd use layers all that is red, black, likewise all that is blue, black but on a separate layers and print the layers independently of each other.
The .xar file gives a description of how to do what I did, the top example is the finished banner.
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