Ann: Drilling Update on Alacran Project, page-12

Dazedandconfused, I agree that what you have said is one logical outcome for Alacran.

The way I see it, is that it is all about expectation. We expected something spectacular, even a tier 1 deposit, but it doesn't seem likely after these drill results.

At Alacran we know that there is 40M oz of silver and 150,000 oz of gold. In other words mining is likely at Alacran. Teck will probably enlarge the silver and the gold resource and throw in the possibility of copper, but at the moment this has not been confirmed. Of course molybdenum is the interesting metal. The drill results from this first round are not spectacular, but they don't remove the possibility of enlarging existing deposits (MDP and LB). But true Teck could still walk away, and Azure would have to buy out their interest.

So Azure have an interest in a silver and a gold mine. More may develop.

Oposura is all but confirmed as a zinc/lead/silver mine.

Sara Alicia is as yet undefined. So far it looks first class, but the second round of drilling will define the potential of this deposit.

Our expectations may have been unrealistic, but there is still plenty of value, and plenty of potential in Azure.