avl presentation

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    Just a quick few lines on yesterday's presentation by BT. Have tried to be as accurate as possible.
    Bill Turner said nothing really new of course, but few comments suggest that things are dropping into place very nicely.

    * Expecting political risk insurance greenlight for Stage II from arm of world bank by end of June
    * Evaluation of Stage II should be in soon
    * Stage II to be fully debt funded by Rand on much more generous terms than for stage I (ie, LIBOR + 2.5% - NO toll per pound as with stage I)
    * AVL expect to make a decision regarding stage II in approximately 6 weeks (mmm, few others have been saying exact same thing)
    * Current drilling under resource expected to increase open cut from 120 metres to 140 metres.

    Overall, very satisfying presentation from a shareholders point of view. Future certainly looks very bright.

    Bill said he will be in Sydney and Melbourne over the next few days doing other presentations for brokers.

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