Assay Results, page-17

If management is unable to secure a JV, it appears they would have failed their loyal shareholders. To me, the timing needs to be before the first assays otherwise the funding question will continue to linger and once again, good news (assuming assays bring more of the same) will go unnoticed.

It would be very disappointing if assays preceded a JV, as it clearly would show that Azure did not have the upper hand in negotiations and possibly should have pursued other interested venturers. Timing is critical for success in this very difficult market. Azure has done well so far, sneaking in 2 placements (to enable a JV to occur), but judgement day is approaching fast.

With drilling probably completed and assays all due by end of August (early September the latest), we will all know if we made the right decision to back Azure or showed too much faith in Azure management.