Open Letter
Attn: Nigel Ferguson, Managing Director, AVZ Resources Ltd
RE: Please update the market with a formal announcement on the location of the drill rigs.
I refer you to your statements at 9 minutes and 28 seconds in, in this video,
http://webcasting.brrmedia.co.uk/broadcast/5a7300d8355d671b8a71630b
"a drill rig on the ground at the moment, we've got four more arriving within the next ten days"
Within the next ten days is by the 16th of February. So against that criteria - the drill rigs are currently about 12 days late.
I do understand that delays can occur in mining and that sometimes forward looking statements made in presentations are only best estimates and not intending to be binding and I understand the road to Manono is dirt and rain can affect dirt roads. And indeed there might be many reasons for drills not arriving on time.
But as an investor I get concerned when Management doesn't update me and other investors on mission critical assets that don't arrive in accordance with Management's own public domain estimates.
As a retail investor I get concerned because I fear that the interests of smaller shareholders might be taken for granted.
Knowing where the drills are located from time to time, but especially when they are late, would give me confidence that management is aware of the reasonable concerns of shareholders, including retail and smaller shareholders, that management will keep them informed of matters that are material, and that management intends to be accountable for statements that they make.
As you'd be well aware, currently the share price is down considerably since the time of the last capital raising.
Please update the market with the location of the drill rigs. Photos of rigs at identifiable coordinates, would alleviate concerns about their progress towards site and should cost very little to provide.
Regards,
A shareholder
