Jacobmoore...good postThe 1 million option money is owed but the...

Jacobmoore...good post

The 1 million option money is owed but the terms will be renegotiated within a 12 month time frame...MW stated at the AGM the AVB management are wise enough not to disturb the ongoing negotiations, while it is very clear Vale are genuinely pre-occupied...There has been a major spill on the board at Vale and also concerned with the 12 billion project at hand...

Hence, MW stated AVB does not want to jeopardise their relationship with Vale by insisting on completion or terms of deal, while Vale have such a huge project in immediate consideration...The money will come for TN in a 12 month time frame...SM stated they are very confident of this as Vale will definitely need the AVB's TN lease which strategically holds 25% of the overall magnitite deposit...while Vale holds 75% of the remaining leases... meaning Vale needs TN to mine the entire deposit...

SM stated that assays are imminent along with major ann regarding 2 experienced senior appt's to mine AN...the raising of capital for CAPEX for mine plant and equipment via Smelter off-take deal will be announced within a 2 month time frame...the focus is clearly on mining sulfides at AN...with mine commissioned early 2014...At the AGM responding to questions about this...both MW and SM were definitely not at all phased by the delay in negotiations at Vale...dyor

[Again, thanks for the positive feedback from many of the AVB'ers, it is greatly appreciated...for those at the AGM I was the guy [with black shirt] sitting right at the front directly opposite Simon Mottrom...next to the guy in the black suit...rexwood? next year I suggest better organised for beers after AGM]