iron-ore-vale, page-33

mangomuncher....from June qtrly....


..."Vale SA has invited the Company to discuss the “Option Agreement” and
future exploration programmes pertaining to the Trindade North Project (TN).
Current terms oblige a $1m payment to Avanco on Vale electing to pro-long
the option for a 3rd year. Vale has the right to exercise the option to acquire
100% of TN by advancing Avanco a minimum total of US$10m (capped at
$40m). Vale has not reported any new exploration this quarter. The Company
continues to seek approval of the “Final Exploration Report” from the
regulatory authorities".....


Cheers