silver etc junior needs assessment, page-11

DK,

Re your comment "the rate of erosion of funds from what I understand is minimised through the JV's with OZL and the Japanese."

I cannot comment on the Japanese JV's.

The OZL JV is for OZL to do the drilling in an area where AZURE was not going to be spending any money for the foreseeable future. IMO, the erosion of funds and the OZL JV are two totally independent events, with no interaction between the two of them. I am happy to hear alternate points of view.

HT1