Ann: Results of Annual General Meeting , page-59

Blue Turtle...

1) The TML will be triggered and become operational at Rio Verde when Vale exercises it's contractual obligation to pay up $10 to $40 million for it's right to mine the magnetite. As far as I know Vale will then own the mining rights directly .i.e. no proxy and no contract mining and sale at the mine gate...EIS and mine plan will be met and responsible for by Vale...You are correct in saying, "... mining operations could start imminently...", upon conclusion of payment and any contractual requirements...

2) The TML will then give a green light to mining the HGZ material which is near surface and selling at the mine gate...TP indicated at the AGM to a smelter on the Atlantic Coast at [I think he said Boata] but I stand corrected on this...This should raise sufficient cash quite quickly to finance other site CAPEX, OPEX and drilling extensions...PFS is essential for Mines Dept final approvals on pit design and EIS and part of ongoing Mine 3 to 5 year Mine Planning...SM indicated regional gealogical and geo-psyhical planning .i.e. 3d modelling has and is already occuring...so to step this up is a matter of degrees to preliminary Mine PFS...negotiations re: an offtake agreement would also be a strong consideration to start mining operations of the HGZ 'concurrently'...TP knows ne needs to maximise AVB's short term revenue as his site OPEX starts to increase with engineering staff and other overhead requirements, paricularly if deep drilling with a newly commissioned NQ rig kicks in to complete JORC end of ist qtr 2012...

TP definitely indicated at the AGM TakeOver talks are out of the question...since TP indicated they are not intersted in diluting AVB's portfolio...However we all know this could change rapidly if a strongly valued offer, offering AVB shareholders a proper premium to intrinsic valuations were made...making AVB a more expensive target particularly if AVB was already in the middle of a preliminary mining operation replete with a positive revenue stream... AVB's AGM discusions IMO were reasonably forthright on these discussions...But I agree in your assertion that the timing and content of these strategies could change...and agreeing with your final comment, "...we could be mining far sooner than anyone thinks..."

GLTA and DYOR...this is not financial advice...just my take on the contents of discussions at the AGM 2011...