The AGM was attended by 8 diehard shareholders. Now this was the first AGM I have attended and I am the first to admit that alot of the technical talk went straight through to the keeper. I have to say that I and another shareholder who sat next to me were very impressed with Anthony Polglase who presented the power point, he was very knowledgable.He clearly is very experienced and knows what he is talking about.
Firstly there will be no further drilling in the remainder of this quarter. Drill rig prices are ridiculously expensive and are project priced. That is they will slug you big time for a small job but give you a better price for bigger drill projects. The drill rig used for the recent Nickel results was on the way past to another job and didn't cost much so thats why this hole was drilled. The company are very bullish about the address of their licences. They are surrounded by majors like Anglo. Matthew Wood (Chairman) said that this area of Brazil is going to be the biggest mineral rich deposit in the world. And AVB is right in the middle of it.
As you all know copper is the main play with this company and they are in discussions with numerous companies re JV's. But they stressed that wont happen unless they can achieve the best possible outcome for the company and its shareholders.
Matthew WOOD remains very bullish on the possibility of Iron Ore and Nickel and said that further testing will be happening.
Anthony Polglase said that it is extremely difficult to get a foot hold into this area of Brazil and that is why they are very happy with the address they occupy. Antonio Madalosso is one of the leading geologists in Brazil and is very well known in this area and they are wrapped that they have his services.
Cash in the bank at the end of this quarter is forecast to be just under one million.
With the price of copper on the increase and the relatively shallow copper deposit and economic mining I am very happy to be a shareholder. Upside for this stock in my opinion is strong but patience will be needed.
So there you go, not much technical talk but the general feeling is that these guys know what they want and have Avanco sitting among some big players.
I will be holding for sure and if I can afford it will be buying some more if they stay this cheap.
Good luck.
AVB Price at posting:
2.9¢ Sentiment: Buy Disclosure: Held
