"What we do have is a JORC compliant indicated and inferred...

"What we do have is a JORC compliant indicated and inferred resource of over 1.1 million ounces of gold and plans to extract this gold at 100,000 oz/year. Now that's got to be worth more than 60c!"

My comment:

Firstly just quoting at us a JORC compliant gold resource will not do. For example, there is an ASX listed gold jumnior with a 10 million ounces JORC compliant gold resource that is valued at less than $100 million by the market.

From the June quarterly I see that AZM aims to "substantially" complete its feasibility study by the end of the year. I take that to mean it won't be completed by then. "Substantially" is not completed.

AZM is currently capped at over $130 million, which is an interesting valuation for a junior spec when one takes into account the current in ground value of its gold minus all the costs involved in getting it out. Setting up a mine could easily be around $100 million or so just for starters.

However gold juniors are being rerated and some gold juniors' share prices are starting to reflect some blue sky being priced in. Compare that to the time of the 2008 GFC when a million ounces of indicated and inferred gold was worth $10 million or so.

AZM is in West Africa.

I guess that's probably the most important piece of information that many investors want to know - plus of course the share price is in an uptrend.

I guess it's worth keeping in the back of one's mind though that excited investors pushed another West African gold hopeful, ADU right up to $1.55 back in January 2004. That stock has since recovered from a low of around 15 cents at the time of the 2008 GFC and is now trading around 60 cents.