Newland...By my calculations intrinsic insitu valuation stands...

Newland...

By my calculations intrinsic insitu valuation stands at 28cents...as a greenfield spec explorer...if there was a takeover offer potentially this number would be in-part a consideration...based on the current JORC numbers and all associated metrics...

If smelter deal eventuates a realistic 12 month target with a smelter/off take for sulfides at AN over stated 5 year 10-12k ton/yr with potential resource upgrades to 1 million tonne of Cu equivalent the NPV of all DCF's then values AVB at approx 50cents...CAPEX of 51 million with potential 10-20% dilution - 30cents pre build and 50cents plus with solid potential copper price and stable global markets nearing completion...$1 plus on increasing resource numbers and ramping of production to 50k/yr of conc. with a min of 10 years production locked in the reserves...i.e 1 million tonne plus of Cu equivalent of global resource at AN, AS and PB...

Now answering your valid question why AVB is valued sub-optimally is inpart, how the share market and participants values RISK at any given point in time and the degree to which AVB is adversely affected by short term traders can bump the nominal around on LOW volume...economic internalites are at work here...mucking up long term sentiment...Hole 25 was evidence of this market anomally where 1 hole out of 20plus solid results shaved 25% off nominal SP...

I would argue once the Smelter Deal is in place... from an investers point of view ...who cares what the short term price does as long as AVB management keeps ticking all the boxes...as they appear to be doing...AVB can't help but be solidly re-rated at some point...based on the current growth in resource numbers and AVB stated Corporate Strategy...Remembering also that AVB production will not stay at 10k per annum...there will be rapid growth in production to SFR or DML status once we have revised JORC of 100million tonnes at PB in place...a large plant could spit out nearly twice the current market cap, if copper stays over $3.50 IMO... put those sorts of earnings together on a 8 times PE and these revised NPV valuations are easily achieved...

I personally think that PB resource is clearly not a consideration in terms of current nominal SP valuations... once the market gets to understand how big PB can go and how quickly a small plant can be commissioned [early 2014]...remembering the other 10-20 major CU/AU targets western anomallies etc are yet to be drilled...and once AVB is up and running with a large cash flow...further exploration will be ramped up with AVB unlikely to run out of drilling targets for many years to come...AVB is flying under the radar screen for now, but not for long with quality ann. like todays...This is exactly how speccy explorers become large mining companies...they all start like this...

Judging by the tone of your questioning however, you are frustrated like anyone thats been involved with AVB...but I strongly believe our patience will pay off...I have been in the stock for 2 years...AVB fundementals are good with the greatest risk being the market itself...

dyor...