cu & ag, page-18

re: the only negative - miningnut and nt Thanks for the estimation Flats.

I am not trying to be negative on AVL, because simply I am not negative. I just want everyone to be fully informed (re consolidation - and I guess we will see at what level they consolidate).

Re: OFL - in my view the whole point of fundamental analysis is to look at forward PE. If you look at historicals, you follow the pack, rather than lead the way. Those of us who got in before the big AVL run were looking at forward PE of 1 (and no historical PE). Of course, with the big price run, the forward PE is now 3 or 4 per Flats based on existing operations.

With copper prices being much healthier, and silver starting to look alive, there is heaps of upside. Particularly silver has few additional sources of supply as there are few silver mines around. (For those interested in silver, as I've already mentioned, have a look at BSG's new Palmajero property). Unlike nickel, copper and silver could have a huge way to go still.

...and of course every North American promoter's dream is to promote exploration tenements like AVL has. With a second mine in the wings, and promising copper shows near the existing mine, and the potential for big finds - I think AVL has lots of "cooking" left to do.

Cheers