calibre vs telfer, page-11

The analogy of comparing Telfer to our project is very interesting and indeed quite relevant.

So far our ore grades and drill intercepts are equal to or better than Telfer experienced in its early days. And we are just beginning the journey as we start drilling into the more conductive parts of the deposit.

Size wise, we have the goods too with the potential tonnage within the conductive zones almost as large as Telfer.

Newcrest's shareholders value Telfer as around $2B+ so even if AZY prove up a deposit only half Telfer's size (a very conservative approach), AZY should have a MC of around $1B which equates to some $6 per share.

And we should have a good feel for where we are heading in the next few weeks as assays come in for holes 33 and 34.

I feel AZY has huge potential and March will reveal just where we are going.

Don't be surprised if the SP keeps going up, particularly if drill hole 33 hits long intercepts of high grade Au and Cu.