Vale is supposed to pay Avanco a non-refundable fee of...

Vale is supposed to pay Avanco a non-refundable fee of US$350,000 on signing and receipt of regulatory permissions to drill.

Vale has advanced Avanco US$100,000 in part payment, so there is a sum of $250,000 due, as the regulatory approval has recently happened. I would expect this money to likely have already been paid to Avanco, and may well be mentioned as part of the anticpated next announcement.

Then at this time next year a further $600,000 is payable to AVB from Vale.... all going as planned.

I anticipate this money to be earmarked for Tony Polglase and DSO mining.

Funds from the late 2010 share placement would have to be used as stated. Strictly for exploration-drilling and project development.

Then in April 2012, another $2.5m incoming from option conversion.

This gives Tony Polglase $350k + $600k, plus whatever part of the option cash he requires. So that his part (which is the mining) will be well funded, and funded mainly from Vale which ironically was his accomplishment in the first place! Plenty of money to get going.

From then on all operations should be self-funding. Time for money to be coming IN.

April 2013 should see another $1m flow in from Vale.

I feel convinced that there will be no further share issues. AVB would be more than aware of the number of shares on issue now.. and nobody wants dilution except as absolutely necessary.

It seems clear to me from the above broad cash flow projections that as well as the current drilling being funded, the 2012 DSO and further copper mining-processing in what ever form, is comfortably funded..... so no need to worry. Just enjoy the ride! :)