finance ann, page-112

PoetPlus wrote: "With TP and the gang building the mine is as good as done."

Really? As good as DONE?

No offence intended to you personally PoetPlus but I guess are expecting TP NOT to replicate the "success" with the mine he and the rest of the Overland Resources team were going to build up in the Yukon. We listened to that story for 4 years before the team decided to pull the pin and Tony moved on to Avenue.

Before that I seem to recall the "success" he had with the Lichvaz gold mine project in Armenia through Iberian Resources. In fact the best we know of Tony is what the AVB Annual Report tells us : "has either been responsible for or closely involved with the commissioning of more than seven mining projects."

Before you consider this "as good as done", I would be waiting for a few more runs on the board. We know he commissioned a lead project in Wiluna, WA that was commissioned & reached "commercial production" in Oct 2005 named Magellan. But - by jingo - 18 months late (Apr-07) it was placed on care & maintenance.

Also, I am not sure whether the AVB Annual Report of "seven mining projects" includes TP's time as Operational Manager of the Lichkvaz gold mine in Armenia where he joined the team after that mine project had already begun. Lichkvaz was commissioned for commerical production in Nov/Dec-06 and Iberian Resources (Matt Wood, Managing Director)was then merged with Tamaya Resources in late Feb-07.

By early 2008, despite earlier forecasts by Iberian that profits of $16.7m in 07-08 would be acheived, Tamaya had put the Lichkvaz mine on care and maintenance because it had:

"not proven to be what was expected" and was not ready for development in the "foreseeable future" (refer http://www.dailytelegraph.com.au/miner-tamaya-suspends-trading/story-e6freuyr-1111117627035).

Tamaya went bust a few months later and Adminstrators for the company windup also ultimately confirmed the mine was uncommercial. Ouch!

I'm not saying TP and the others running AVB don't have all best intents in the world, I am just expressing the view that it ain't easy to build a mine, and I doubt AVB will be a success.

The above are simple facts. They influence the assessment I make about AVB because with junior explorers it is ALWAYS about management.

But anyway....for now...lets see what the details of this "significant" financial transaction really are...and whether its all as good and as favourable as you guys want it to be.

Coop