Ann: Isabel Nickel Project Update, page-32

I see what you’re saying here Jazz - let me refine what I am saying.

I am from the mining industry. I’m not a CEO, but I do alright. Let me say that $15k per week isn’t crazy money EXCEPT when you are drawing it from a company that has nothing. A company that runs from week to week, has no good will or blue sky left in the bank.

I agree they have burnt millions seemingly doing nothing - just ticking along and keeping the doors open. Hence my comments about competence. Things can usually be explained by intentional deception or disillusion and incompetence. What I cant see from your response is where we will get the money to drill. $250 k every couple of weeks through 3Bs wouldn’t spin the bars to depth, let alone assays and all the work that follows. You and I both know that.

I also agree that Jorc, pre-feasibility, definitive feasibility and everything that follows are pre-cursors to getting finance. So like us speccy investors, the company is stuck - hence my comments regarding ‘cashlessness and helplessness’. I understand this, that is why when I flashed cash into the company during the backend of the mining boom, I treated it like a punt. I still do.

RM is punting that approvals will give certainty, restore some ‘good will’ (for a while), he will then be able to consolidate once more and start the equity raising all over again.

Low cost surface DSO operations - that is, some heavy plant loading it into barges will provide revenue to then become sophisticated is a pretty wild ride to success. But then this is a speculative stock, it was never going to be any different. Was it?

Now overlay the nickel price chart over the past 6 years and it starts to make a little more sense.

Certainly not out to deceive and definitely don’t believe AVQ is exempt.

AVQ did however, push Sumitomo out of the country (on face value anyway, perhaps they agree still lurking.....). Perhaps this took its toll in more ways than one.

Onion and out