plan and simple, page-38

I dont agree she is fully valued.

Shares on Issue : 511,652,972
Options on Issue : 237,726,975 (Exercise price 1.5 cents)

Cash as at June 30 : 4,519,184

Fully diluted we have a Market cap at 10 cents of roughly 75 million.

The vale agreement alone has the potential to bring Avanco "US$40,000,000 arising from in-situ iron ore royalties and other qualifying fees.",

We have 4.5 million cash at bank and just received US$100,000 payment from Vale which shows they could move on the project very quickly. When Vale move it wont be slow.

The high grade resource at Rio Verde stands at "210,000t at 11.65% copper, containing 24,400t of copper.",

A large portion of this could be moved into direct shipping ore category with continued high grade hits and the company has continually stated they believe they have found a high grade chalcocite zone which is open along strike.

With rising copper prices and short lead time to bring a direct shipping ore project into fruition she could have plenty of legs yet. Especially when in the last announcement they gave an update stating.

"The results for the pending drill holes assays are expected soon,with abundant copper mineralization having been already logged for many of these holes. The Company is anticipating to be able to report further results in the coming weeks.

Im happy to hold at current levels. If the chalcocite zone extends and further high grade hits are reported I dont believe she will fall back from here. If nothing high grade is reported in the next round of results ill reassess my position.