Ann: Isabel Nickel Project - San Jorge deposit drilling results, page-13

There are a number of historical reports from Kaiser Engineers which reference the density of the nickel mineralisation on San Jorge. The saprolite was 1.8 and the limonite was 1.2. When I worked out, very roughly, what the max tonnes AVQ might get in a resource was I was being optimistic by using the density of 1.8. As you say it will probably be less. One thing is for sure and that is they don't have anywhere near enough tonnes yet to make a decision on mining. However, as usual AVQ are managing the market well and keeping the share price up. I have to hand it to them they do that very well. However, there will come a point where they will have to make a decision on the fundamentals of the project, as to whether they are going to be able to raise the funds for their planned dig and deliver operation. On the results to date I suspect they are going to struggle to raise the funds to build an operation. It would not make money at the grades they just reported. Plus if they have to drill out the resource at 25 x 25m they are going to have to do a heap more drilling and that is going to be expensive. Therefore, a capital raising and a significant one, is going to be needed and probably soon.