upside, page-16

Other than some emotional rants I haven't heard a lot of facts. Looking at it one by one-

1) Management. Some house cleaning and the removal of the old MD at the end of 2006. I feel more positive that they have started making a profit and are actively out there wheeling and dealing.

2) DRC a risk? It has more than paid off for Anvil and others in DRC. Not worried.

3) 6 months ago the valuation Sino had put on AAF was around 6-7cents. This equals a total valuation of $30-40M AUD. Ask yourself why would AAF be valued so highly? Today AAF trade at a 10th of that value, and nothing on the asset side has changed.

4) Speculation, of course, the JV is speculation but it makes a lot of sense in the case of AAF to inject some capital and expertise into the exploration. Happens all the time in the mining industry, I won't be surprised if this is an angle they are looking at, in fact I would love it to happen with a miner who has a good track record in DRC.

AAF has good tenements, making money, and assets (50% of it cash) worth more than the current market cap.

I see lots of good options for management to choose, eventually they will play their hand, my chips are still in the pot as I see they AAF are still holding some aces.