The solution to Azures SP may will be resolved by Alacran. There...

The solution to Azures SP may will be resolved by Alacran.

There are three possibilities for Alacran and they all benefit Azure:

Scenario 1. Teck finds a Tier 1 economic ore body at Alacran. Teck have doubled their drilling, and a major copper mine is only 12 km away. Azure then has 35% of this ore body. This is unlikely but not impossible.

Scenario 2. Teck finds no economic ore body at Alacran. Teck then withdraws from the tenement and Azure inherits Alacran and its known silver and gold deposits of Mesa de Plata and Loma Bonita. Moderate benefit for Azure, but a benefit after all.

Scenario 3. Teck finds a moderate economic ore body at Alacran, but is undecided whether to retain development or exit from Alacran. This is the most likely situation and could be very interesting for Azure.

Teck will issue a report on its exploration at Alacran in January.

Scenario 1. Teck would want to buy Azures interest as soon as possible. Immediate announcement.

Scenario 2. Teck might delay a decision until later in the year.

Scenario 3. Again Teck could well delay a decision.

The common outcome from all these scenarios is of benefit to Azure, but the benefit may be of different degrees and different timing in each case.

The Share price may well drift through December and January, but a re-rate could well occur in January. Results from Teck could be significant for Azure. Oposura may well be important to supporting the main game, which is Alacran.

These are scenarios worth contemplating.