Ann: AGM Presentation, page-9

Back of envelope of notes from the AGM.   Largest attendance yet that I've seen at a General Meeting or AGM.

Notes may not be 100% correct as I may have misheard the responses to questions.

Promontorio

* 9 holes completed -  ranging 1000 to 1500m in depth
* Approximately $4 million spent to date.
* Don't know what Rio's thoughts are at this time
* Expect analysing of results to be completed by December or January. Rio will make a decision then to continue or not .
* Rio will either be totally in or out.
* AZS like the what they have seen on the ground. Have a few targets they like to investigate further in the  event Rio walks (Gold and Silver from surface)
* Other companies are already expressed interest to continue the development in case Rio does walk.

Alacran

Not much to add that we don't already know.

* Teck now giving mixed messages of buy back.  AZS not sure what they are thinking.
* Copper porphyry potiential very good. (Suspect reason for above)
* Rigs and personnel have been undeployed until decision is made. Some geo are at other sites looking at potiential new prospects
* New prospects sites have been offered to AZS by other companies which that are reviewing (as noted above) but not necessary based on the Teck decision. They have been offered so they are taking this time to review while Teck decides.

Haplo