Tricksy., page-45

There is a whole lot of fluff in here and confidence would be high if they didn't say "potentially available in October". They do this all the time they release 30 pages of waffle with the key to success and hope of the company increasing in value taken out by one liners to protect their integrity. We have a board that is not 100% confident in what they can deliver, how to deliver and when it will be delivered. They should have stopped at the first statement. I have put strike throughs in the words that could have potentially been omitted and increased confidence. With the words in there it reads to me finance maybe November and commissioning maybe 3rd Qtr. The other problem is commissioning will probably take 2 Qtr's but will provide enough time for them to prepare their first shipment. One container load of 30% copper and they will have access to 12c options. I imagine 2016 will be starting to ramp up production.   

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(The only statement they had to make)

These Reserves represent another key development milestone, trigger the US$12 million BlackRock financing agreement and satisfy senior debt CP’s


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STAGE 1 – FINANCING & CONSTRUCTION TIME LINES
Securing the US$70m project financing represents the next significant milestone for development of the Antas Copper Mine.

Banco Votorantim are the lead banker to raise US$58 million in senior debt, with Votorantim having already committed to providing US$30 million and syndicating the remaining US$28 million. The US$12 million balance will come from the BlackRock World Mining Trust by way of the BlackRock Royalty Agreement.

Another important outcome of the new Ore Reserve relates to the condition precedent associated with the Votorantim debt, wherein a definitive economic model based on JORC Reported Ore Reserves must be submitted. Handover of the Stage 1 Ore Reserves and financial model to Banco Votorantim and prospective syndication partners will complete these key deliverables for the banks due diligence process.

The banks are expected to take renewed comfort from provision of the US$12 million BlackRock agreement, which upon receipt of this publication, is fixed, firm and ready to be drawn (pro-rata) alongside debt funding.

While progress towards execution of the senior debt is ongoing, other time critical construction activities, such as engineering design and the Ball Mill importation are also being aggressively pursued.
With debt funds potentially available in October and construction work commencing in the fourth quarter management envisage commissioning of Stage 1 to be late second quarter, 2015.

In the interim Avanco continues to draw on strong cash reserves to accelerate the development programme and facilitate a number of important financing / development updates in the coming weeks.