New Report by Hartleys, page-5

Paul. I made a post about this the other day.

There is no point doubling processing capacity at the AN plant unless we have more reserves to feed it. If we spend the money to double production then we are spending 20 million to deplete the known AN reserves in half the time.

Now, that is fine to do if management decides we need to rapidly monetise the AN deposit in order to fund the PB mine. But, when there is a strong possibility of more feedstock under the current AN deposit and/or nearby then it is only good business to prove up these reserves before upgrading plant.

So I guess that Hartley's valuation of AN might be fair. I haven't read the Hartley report yet. But I assume they are doing it on what's known. Not what might be.

I said it in my last post and I will say it again. At the moment, the plant at AN is the best asset that the company owns and has the most potential to boost the value of the company. The future of Avanco could be improved multiples depending what can be achieved with the AN infrastructure.

I will add that though that Centro gold could have a huge effect on our company as well and I find it equally exciting. Companies have been built on lesser tenements I'm sure.

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