Ann: San Jorge Mining Update, page-24

We didn't have a Mining Licence that long ago, but if we use this below:

"used along with historical drilling and pit data to define a maiden JORC resource on the San Jorge tenement"

then you can make a more informed decision on your investment, but how about you apply the ML date to those factors when you refer to those timelines.

Kolosori & Tenement D (Prospecting Licence Applications)
http://www.axiom-mining.com/irm/PDF/3050_0/IsabelNickelProjectUpdate

The Minister for Mines has granted Axiom a Letter of Intent (‘LOI’ over the areas of Kolosori (36km2) and of Tenement D (145km2), respectively, allowing Axiom to obtain agreements with the corresponding landowners. Axiom is efficiently navigating this course ensuring due process is provided for both the Company and landowners including, where appropriate, implementing the United Nations Permanent Forum on Indigenous Issues principle of Free and Prior Informed Consent (FPIC).
Upon obtaining the relevant landowner agreement for the area(s), the Government will grant Axiom the respective Prospecting Licence(s).Axiom CEO Mr Ryan Mount said, “We are on the verge of finally being able to develop one of the last known undeveloped world-class nickel laterite deposits. This is truly a momentous time for shareholders and employees. “It is also a time of transformation for the indigenous landowners and communities of Isabel Province, who will greatly benefit from the ethical and sustainable development of these assets. We are not only presently focussed on abiding with local law; we are appropriately embedding our business as part of the country’s advancement during a unique course in history for the population, government and its evolving industries for the long-term.”

http://www.axiom-mining.com/irm/PDF/3050_0/IsabelNickelProjectUpdate
Results are in from the first 13 holes: Out of the 13 holes, 10 were encouraging, with a number of standout intersections, including a number with high grade nickel (eg 5.4m @ 2.0% Ni). The company is holding back the first 3m of each hole, to avoid delays at quarantine in getting the assays to the labs in Australia – these will be batch tested at a later date. The company continues to pursue a 200 hole (2,500m) initial program\ which, if successful, would be used along with historical drilling and pit data to define a maiden JORC resource on the San Jorge tenement (previous JORC resource estimates relate only to the Kolosori tenement, but we note part of the historical non-JORC resource relates to the San Jorge tenement).
Next steps: Over the coming months we expect a series of announcements regarding the ongoing drill program, and if successful, a JORC resource could be announced by Jan-17, as well as an application for a mining lease. In the meantime, AVQ is waiting for news from the Solomons government in regards to its reapplication for a prospecting licence over the Kolosori tenement, although it remains difficult to estimate the timing of when this could be granted.

Valuation: We value AVQ at $0.40ps on a risked basis, based on a DCF using a WACC of 14.5% and a 75% risk weighting ($0.52ps on an un-risked basis).

The company recognises those concerns, so let's see what eventuates!

GLTA