Ann: Quarterly Activities Report-AVQ.AX, page-45

The question and answers by RM in the Qtly was very instructive and a good initiative from my point of view. I take from RM's answers the following:

- AVQ has not yet reapplied for the Santa Isabel licence and there was no time frame given for when the reapplication will take place
- AVQ does hold the prospecting licence over San Jorge but currently it is planning to put Kolosori into production before doing any work at San Jorge. Of course now there is no time frame for when Kolosori can be put into production as AVQ have not set a time frame for when they will apply for the prospecting licence over Sant Isabel. Without exploration on San Jorge and no work at Isabel where is the news flow going to come from?
- When asked the question about whether AVQ has enough cash to last until the end of the re-applicaiton process for the Santa Isabel PL, RM's answer was that they have reduced expenditures and when they need money they can raise money. Therefore, the answer to whether they can fund themselves through the re-applicaiton process was unclear. I wonder as a part of the cost cutting exercise RM has taken a pay cut?

RM must feel like he is getting it from all sides at the moment, but there are still quite a few issues which need clarification.