ebitda, page-25

1. Yes BTB it is fascinating to delve into it and fortunately all that comes out is Great Positives. If AVB could minimize the NSR to BR by not drawing down the full ammount, then the saving is gigantic.

Similarly looking at the proposed spend budget for the $18.1m for the CR, we happily see a sum of $3m allocated for deposit on long lead-time mine equipment. That is a Hugely commendable use of cash!!! however when Mine Finance through the Banco/BR for $70m comes through soon, you present that $3m account and get it paid don't you??... which suddenly puts an unallocated $3m back into the CR budget.

What do you do with an unallocated windfall $3m ? for starters you set it aside and draw-down $3m (or 25%) less from BR... thus we have already got the NSR down to 1.5%. without even trying.

2. "Decision to mine PB" ..... Mid 2015.... I mean, is there doubt????

OK, if this question is bothering Management so much, and it takes soooo long to decide... I will decide for them

YES lads. We ARE going to Mine Pedra Branca. Yes. Yes Yes.

There you go. No consultants fees. The decision is made. Now.. moving right along ...