first gold pour., page-39

re: placements The placement is completed and money in the bank. People fail to see the huge upside of the operation in Armenia. You have a Govt very pro mining, and laws to match. To get to the stage they are at is a credit to the management. The Oct acquisition of the Arcvaverd and Vaz deposits within 5km of Lichvaz shows their hand. They see enormous profits in Armenia, problem is obtaining workforce and establishing infrastructure, IBR has already ticked this off. To expand operations to other deposits can internally promote best workers to supervisor/ management roles and new employees can enter lower rung positions. If you need to build a second processing plant, already built one, know the bureaucratic process + reliable sources of materials. Huge upside in Armenia to provide cashflow then geographically diversify into Portugal and beyond. Matt Wood is in this to construct an ASX 200 company, and so far all the right moves have been made.