Ann: Acquisition of High Grade Tungsten-Copper-Gold Project, page-25

Similar comments that i made on VAR, its going to be slow and expensive, the same asset in a more mining friendly country i would be more positive.

If the companies records of past production are to believed there should be low exploration risk in finding more ore and moving onto a decision to mine if there is still enough. What i don't like is the performance shares have been low balled, AON need to identify what amounts to just one third of one year of past mine feed at half the grade which i imagine is not enough to restart the mine. And all the rest are based on studies, there are no performance shares for mining anything. Does not inspire confidence.

Saying that, management who have lots of runs on the board and old mines tend to just get deeper. Also talk of copper and gold in lower sections as well as other new targets. If you like i would buy AON and not touch VAR due to likely heavy dilution.