re: share issue pending, not Aegis Capital seem to think AVM has...

re: share issue pending, not Aegis Capital seem to think AVM has enough cash for it's development plans through 2005.

Aegis Equities Comments
Projects: The backlog of waste removal at Dikulushi resulting from the curtailment of the previous contractor last year has meant that fresh ore was not available from the open pit in the Dec Qtr. AVM is increasing its haulage capacity to ensure high grade ore is accessed by the end of April. A second ball mill was installed during March and plant throughput is expected to increase by 22% to 55tph, enabling both open pit ore and residual tailings to be jointly processed.

Potential: The Kinsevere-Nambulwa Exploitation Permits contain nine known copper-cobalt occurrences and the area is considered highly prospective. AVM hopes to have completed a feasibility study here within two years. The second project area, distinct from Dikulushi is at Kulumaziba, where an inferred reject/tailings resource of 1.5Mt at 6.8% Cu is estimated. A 17ktpa Cu in concentrate initial operation is planned.
Overall: AVM is developing a strong operating presence in the DRC with these two new projects secured recently. Kulumaziba should prove to be another low capital starter-project, like Dikulushi, whilst the scope and likely capital cost of the Kinsevere project will not be known for some time. AVM has switched its year end to December to better align with North American companies. It raised C$27.5M through a warrant issue late last year and can readily fund its development program in 2005.