Ann: Results of Annual General Meeting-AVB.AX, page-267

Sometimes I come back and read this article. Just goes to show how much ramping they did and how arrogant and naive our director is. $10k a tonne 30,50 100k a year production and have it running in 12 months. So we have copper at more than half the price and a plant at less than half the minimum expected capacity.

So when you stack up the numbers it took 4 times longer and we are earning 4 times less and the share price is 16 times lower with 4 times as many SOI. So the numbers look about right to me.

http://www.avancoresources.com/pdfs/AustraliasPaydirtMay11.pdf

Avanco managing director Tony Polglase told Paydirt that results from this year’s drill campaign would be the deciding factor in determining whether the production target could be pushed out even further to around 50,000 to 100,000 tpa of copper metal. However he conceded that even a 30,000 tpa plant would be a to move into the development phase. “In the next 12 months if I can come out and show clearly that we have enough resources to build a mine with a 10-year mine life to produce 30,0000 tpa of copper metal whether that be in high-grade DSO, copper cathode or concentrate, I would be very happy because at $10,000/t that would be $300 million a year revenue which is not small.