Ann: Results of Annual General Meeting-AVB.AX, page-264

Owen, you know I think copper will beat all records in the future, yes I am biased but I will try to put my more neutral hat on, I hear you chuckle already.

I am sure they will spend $20m on the ramp at PB and that this is not a great deal different to what was always going to be spent on this for the whole project, I think the trial name gets around another issue IMHO which is connected with what you call a production mine, anyway just my thinking on that. My point was more things are going to happen, here are some thoughts.

The greatest copper experts in the world are grappling with what the future copper price will be, apart from no one knowing for sure they are perhaps the best indicators and they are not as downbeat as many think.

Codelco, Freeport-McMoRan, Glencore right through to BHP all have a projection on copper. Then we have all the paper copper players who too have a future copper price. You can Google them and other analysts and all by and large you have a $3.00 - $3.50 2018 some a tad less some a tad more. This then has to be measured against costs, because it will a while before we see copper costs inching up again, in the meantime it is likely that $3.25 copper will buy you old $4.25 copper margins. OK we can all argue of the margins at the margin, so to speak.

No matter, AVB will be cash flow positive and have more than enough to do even if they only do what they have said they will do, which is plenty IMO, this along with what I see as a most interesting move to purchase a ground EM (circa $150K) imaging rig with 1800 km2 exploration ground to play with, a massive land coverage with the only other similar magnitude of coverage being our good neighbour Vale (how close some ask)

With near mine targets of Antas South and hits of 8.5m at 3% & 6m at 6 % Other targets of Lazinho, Paulinho, Clovis all where copper sulphide intersections exist, add the new EM rig, the only EM ground rig ever to cover these prospects, you betcha anomalies will turn up, too many even. Now imagine a time when the flavour is copper and hits keep appearing in the news, and this is not even to mention the regional at Sao Pedro, Nova Esperanca, Sao Jorge or Uniao IOCG's.

Let the money build and the work proceed, let things in on the London side smooth and wait some, position some. Look to a time when the winds of change move the sentiment on copper, with that move see the impact of new discoveries and improved margins as the cu price moves higher and watch the herd look in this yonder paddock. I believe it will happen, all I have done/am doing is position in this as my copper, I do think many others coopers will very do well, I have an interest in Freeport and have reset with a few buys there also, but I just like the potential here with AVB no matter what the SP says today.

Cheers

Phil.