hartley's put a "buy" on avoca

Summary of Hartley's "BUY" on Avoca dated 16th February 2006.

VALUATION:
. The Athena Lodes have the potential to add significant value to the Trident project. In our expanded case we have included an additional 200kozpa
This has resulted in an expanded case valuation for AVO of 87cps.

SUMMARY:
. We see several share price catalysts in the short to medium term.
These include further resource upgrades at Trident, the signing of a third-party processing agreement, the commencement of production and further high grade drill results.While the current share price is close to our base case valuation, the Athena lodes have the potential to add significant value.
We would expect the AVO share price to move towards the upper end of our valuation range of $0.55 to $0.87 per share.
Based upon this, we have upgraded our recommendation for Avoca Resources to a Buy.

Disclaimer/Disclosure.