summary

Hi guys,

Here's a summary of my thoughts:

- Latest round of drilling at Rio Verde complete, awaiting the assays for the second half which are currently being lab tested. I expect a Trading Halt when they arrive to give AVB the necessary time to go over the results and put them in publishable format for ASX. Why would we expect these to be any less impressive than the first lot?

AVB stated on 17Sep that "first assays expected soon" for the first half of drilling. AVB went into TH 3 days later on 20Sep.

On 21Sep AVB said that "further pending assay results expected soon". A week has passed... Its not unreasonable that these could arrive imminently..Is it?

AVB comment on Rio Verde:

Proximal discoveries of similar exceptional high grade copper is highly probable as such high grade zones are not uncommon in the locality.

The Company has also identified new high grade copper targets to enhance the project's longevity. Additional high grade mineralised occurrences are known to exists at Rio Verde and at the proximal Serra Verde Property where channel sampling from an historic open cut has returned high grade results

-- Serra Verde permit is just couple km's up the road from Rio Verde. From the Annual Report:

An extensive copper soil anomaly exists at the Pedro copper target. This north west to south east trending anomaly extends
over 2,500m and connects with the Serra Verde open cut. The Pedro copper target has never been drill tested.

The potential for the discovery of a large iron oxide copper gold (IOCG) type deposits at Serra Verde should also not be
discounted. IOCG type mineralisation is the target of exploration and drilling currently being reported by a Canadian JV
group on the neighbouring Rio Novo Property which is situated on Serra Verde's northern boundary.

Will this be the next to be drilled?

-- Revised JORC resource estimate to be released.

-- Trial Mining Licence to be granted (environmental Operating Licence already granted)

-- Trinidade South permit. What are AVB going to do with this... Sell it to Vale as well?

-- Trinidade North permit. Vale to commence drilling. Up to $40million in royalties expected, with AVB holding the rights to any non-FE metals!

-- Touro Nickel permit. AVB still confident HG Nickel exists here and new targets have been identified. Drilling?

-- New projects in Brazil? From the quarterly:

The Company has signed confidentiality agreements with a number of groups looking at potentially joint funding exploration programmes in the Carajas.

And

Negotiations to acquire additional Carajas copper properties are at an advanced stage with details expected to be available in the coming months

The above statement was first made 8 June (almost 4 months).

AVB just keep ticking the boxes for me... At $30mil market cap, with around $3mil cash and up to $40mil (long-term) expected from Vale, the downside seems remarkably small, whilst upside is seriously significant (and short-term). Disc: LT holder