Promontorio (Copper-Gold-Silver)

• High grade, advanced project with potential for near term production and cash flow.

• Economic evaluation indicates project is financially very robust
• Operating revenue estimated at US$444 / tonne¹
• Operating costs estimated at US$133 / tonne
• Cash cost (C1) = US$0.46/lb copper
• Substantial increase in project value with additional resources.

• High-sulphidation epithermal massive sulphide veins with high grade copper-gold-silver mineralisation.
• JORC Code compliant Mineral Resource (at 1% copper cut-off) of:
  502,000 tonnes @ 4.7% Copper, 2.1g/t Gold and 99g/t Silver

• Excellent metal recoveries and concentrate grade:

Copper		Gold		Silver
Grade %	Recovery %	Grade ppm	Recovery %	Grade ppm	Recovery %
39.5	94.2	9.6	52.4	773	88.2

• Low risk processing route utilising conventional crushing, grinding and flotation technologies.
• Current resource is defined over a strike length of only 200m.  Mineralised zone outcrops over 1,000m.  Potential for significant expansion of resources.
• Separate potential for epithermal gold-silver mineralisation:
• Cascada: drill intercept of 7.6m @ 19.8g/t gold
• Creston Colorado: undrilled outcropping epithermal gold-silver mineralisation.
• Azure holds option to purchase 100% ownership of Promontorio mineral leases with no royalties.
• Azure holds 100% ownership of the surrounding 105km² mineral concession.
• Further resource expansion drilling and feasibility study activities are continuing.

Promontorio Project: Classified Resource Estimate

Classification	Kt	Cu (%)	Au (ppm)	Ag (ppm)	Contained Cu (Kt)	Contained Au (Koz)	Contained Ag (Koz)
Reported Above 1.0% Cu
Indicated	290	4.2	2.1	94	12.1	20	873
Inferred	212	5.3	2.1	106	11.3	14	724
Total	502	4.7	2.1	99	23.4	34	1,598

Figure 4: Long Section View 85Kb PDF enlargement

¹ Metals prices used: Copper @ US$9,500/t, Gold @ US$1,350/oz, Silver @ US$29/oz