data and comment, page-3

TT, the receoverable ounces given by IBR look great and the activities reported on so far show good progress but the market is still not excited. I think the market is sceptical in two areas, the ability of IBR to manage the overseas workforces needed and the estimates provided by the Russians. I have had a good look at the management and would tend to accept that IBR is way undervalued. But the fall in the gold price overnight may cause a few heart flutters!