Ann: Quarterly Activities Report , page-5

1. Ah well..... 12-25 was a No Go.

Cannot win them all.

However the drilling of 26, 27, 28 over on the East side will be interesting. Results should not be too far away. These are very deep, and expensive holes so may have taken quite a while to complete. (No idea of the disposition of the 3 rigs. Would be good to know. )

The photos 28 (at 378m) and 27 (at 479m) look very interesting.... insofar as copper is at least evident.

Surprisingly no comment on them though to suggest copper is observed over an extensive proportion of the core etc.... but AVB is still proud to show them off.

12-26 was 658m deep....
Nearby 12-20 was a copper hit at 688m

No photo of 26 ? Too much copper to fit into photo? did not want to get the punters too excited. Or the opposite.

2. Cash down to $7.5m, so would be nice if Vale could help out a little.... now where is that begging bowl. A low projected spend next quarter just means they are pulling back their drilling to conserve capital. Sensible perhaps, but not dynamic.

3. No indication of where drilling is happening in Westerly Prospects. As keen and close followers of AVB, would be nice to know where the Company is drilling here.

4. Feasibility Study not yet complete, so smelter deal if it is is still on, is some way off. Unless the Study figures have been done, and the recipient has had time to thoroughly analyse it... they are not going to commit to anything. Certainly not $50m. So not holding breath for smelter deal announcement any time soon.

5. Second hand equipment was always mooted, but good to know there is something definite. How much equipment is a mystery. Is it the whole shooting match or just a couple of tanks ? Extensive equipment, or just... helpful. No info supplied.

6. A jorc upgrade will be nice, but the market simply does not respond to it. If 26,27,28 really come up with the goods at depth under the other sections, it could be a dramatic and useful addition to jorc.

7. According to last update, the westerly leases were due to start in January. Now it is February. Why the months delay.?

8. Holes 12-23 and 12-24 assays are not "NEW". They were previously reported.

9. Nickel PGM 19 holes for 1500m is a pretty shallow drill set. Need to find out the purchase price of the 25% to get the entire holding. Low copper shows of around 0.08%, and the Ni does not appear too flash at 0.2%. Glad to be out of Conceicao now. Good riddance.

So .. other than the smelter deal and the fesibility study (the real thing, not parameters) and the Vale deal... all of which are in the never-never.... what is interesting is the 26,27,28 hole set. Look forward to seeing what is at depth in that East zone of PB.

Sure it has been wet, and holidays etc but had hoped for a little more information on drilling. A comment on cores 26,27,28 at least to give some impetus and a quick thrill.

So in my own view if the market has marked the Quarterly down it is not for in-field failure but for simply not providing detail in areas where it should. How many rigs, where are they.. what do the cores look like... what is the exact drill program... when is the painfully awaited Feasibility Study expected to be tabled.

I like all the guys at AVB but if you do not keep shareholdrers in the picture, and your quarterlies are put together in a very LAZY way, not rigorous... well the Market treats your SP with contempt .. as it should.