Ann: Change in substantial holding, page-7

The impression I get is that current management is focussing on a copper only project and they are going back to doing a pre-feasability study. About 4 years ago the first Management of Avalon, McSweeney and Munkton had a plan for doing a copper only project and did a PFS on that idea. They then changed to the copper-magnetite project as they could not get the copper only project to stack up. Read et al when they managed AVI extended the copper-magnetite project idea which nows seems to have been dropped by the current management. Therefore, the copper only idea is going back to what the original project idea was 4 or 5 years ago. The frustrating thing about AVI is that they keep changing management all the time and they don't stick to one idea and then complete a BFS on it. This has meant that lots of time and millions of dollars of shareholders funds have been wasted. Its a bit of a merry go round.