Ann: Promontorio Resource Estimate Completed , page-7

Grades and tonnages were below expectations for some so it's not surprising the SP fell. Fat Prophets, who are a big supporter of AZS, back in July were predicting an initial resource of between 1.3 - 1.5 M tons with 4% copper, 5g/t Gold and 120g/t silver. The actual initial JORC results is only about 1/3 of the FP estimate.

My question is how will they raise the finance to continue exploration? The last cap raising failed at 12.5 cents with existing shareholders only putting up $1.3M out of an expected $3M. AZS burnt thorugh $1.5M in the September quarter and at the end of September they had $2.2M cash. My guess is JOGMEC will become a partner in Promontorio as well.