Yes, I don't think the resources and reserves are large enough to currently be an overly attractive mining proposition. I prefer larger scale resources like GRY and AMX where it's more worth you're while building a process plant.
Yes, the resources/reserves they have are pretty much geographically split in two.
However I do believe they have some pretty impressive deposits for a company of this market cap. They have the option of holding off on mining development plans while they build up there gold inventory a bit further if need be. I believe the bad stuff is already priced in.
AZM Price at posting:
12.0¢ Sentiment: LT Buy Disclosure: Held