Appointment of an eminently suitable Chairman in Colin Jones
Cessation of expensive Garrison Capital contracts.
Cash at end of Quarter $32,206,000
Total spend for all major plant items $6,000,000 (leaving the best part of $30 million towards construction etc)
Finalisation of Blackrock Royaly funding contract for $12 million.
Banco Votorantim internal approval of $30 million and advanced in syndicating balance of $28 million project funding.
4 priority targets identified for the upcoming exploration program.
Upper section of Antas North deposit Mineral resource of 147,000 tonnes of Copper @ 2.45% and 93,000 ounces of Gold.
“The Company has been granted all approvals necessary for issue of the Mining License…”
Each of the above points is worth an entire thread on its own but I don't have the time right now. The last point is the most salient of all for the short term thinkers.
Also of keen interest to me;
"Grinding and flotation characteristics have been confirmed with locked cycle flotation tests (which are regarded as closely simulating industrial operations). Very encouraging results include:
>94% copper recovery for 28<30% Cu concentrate
>98% copper recovery for a 26<27% Cu concentrate
>90% gold recovery for ~0.7g/t ores decreasing ~88% for lower gold grades"
The above with a 0.9% cut-off and that lower grade ore will be used to build the ROM pad which means if copper goes up in value the sub 0.9% material could become economic as well. Don't forget we have only investigated the top section of the ore body....there is definitely further ore,quite possibly a lot more.
For those getting nervous it is well worth while reading the quarterly again...and again. The management team are very busy even if it is being communicated in a very succinct fashion. So while they don't make enough noise about it they are very definitely getting on with the job.
Sentiment: You'd be totally bonkers to sell ;)
AVB Price at posting:
9.6¢ Sentiment: Buy Disclosure: Held
