HT,Correct - JV payments should be (and I believe are) earmarked...

HT,

Correct - JV payments should be (and I believe are) earmarked for the JV projects. However I don't believe that the JV partners are busy lining up drill rigs and sorting out assays etc ... I believe they kick their dough in to progress the JV project and that Azure will provide the technical support on the ground given they are in that location with technical staff in situ. Given that Azure will be providing technical support to further the JV Azure may be able to legitimately claim administration costs from the JV partners .... thus paying for staff who would otherwise be twiddling their thumbs and sucking up cash reserves waiting for environmental approvals to come in to kick off the flagship project. I therefore suspect cash flow impact on Azure is probably not as detrimental as the average punter thinks it is. Anyway, this is what I understand the situation to be however the release of quarterly report and accounts will confirm whether I am correct or misinformed.

I do agree with general comments in this forum that unless flagship resource is upgraded and the project has some defined timeline to development and production this company will be bobbing around 3.5c for some time to come.