quarterly, page-24

From quarterly

"Avanco and Vale are committed to and are continuing to negotiate an acceptable outcome."

and

The Company is fully funded (~$10m cash at quarter end). Activities planned
for the next quarter include:
1. Stage I studies;
2. Stage II drilling; and
3. Start of regional exploration (search for new copper discoveries) over
the western targets10.

Looks like Vale wont be waiting another year..