high grades discovered over substantial widths, page-9

AZH is being held back by the need to raise more funds in March 2013 quarter. There is increased fear of shareholder dilution in the market at a time when explorers are mostly out of favour.

Is my view wrong that AZH seems to have slowed down its rate of drill results. AZH resource of 1.2m ounces is in the inferred category and needs to be upgraded to M&I, plus they need to increase the size of the resource closer to 2.5-3 million ounces (hopefully at a grade of 2.5 ounces/tonne or better) to get the market excited again.

loki