Ann: Half Year Report and Accounts, page-22

Parcs
When you first suggested that AZS may not deliver the Cascada resource estimate, my instinct was to disagree.
But there is some evidence and even logic to what you say, even if it does not agree with what management have actually communicated.
Firstly, AZS don't intend to do anything with the estimate in the short medium term due to the Rio JV, it leads nowhere.
Secondly they have had very little cash in the bank until now, I suspect they have been in heavy cash conservation mode for some months now.
Thirdly, the whole 'reasons out of our control' and 'we were too busy' just doesn't stack up in any sense. This is no more than a 'dog ate my homework' excuse.
Fourthly, the resource estimate is small and not a world beater anyway. Any market reaction will be modest and short lived.
On top of that the company has plenty of history of saying one thing and just not doing it (think various proposed scoping studies)
So I am swinging your way on this.
If you are right.... pretty poor show....they should just tell it straight.
Time will tell.

Gosouth