first gold pour., page-50

re: placements Have you seen the company's cashflow prior to pouring its first gold? Not exactly in a position to reward shareholders was it. Who can guarantee that a stategy of offering shareholders stock at the placement price would have filled their expected capital raising. At such a crucial stage of expansion, I wouldn't be risking my entire gold production estimates on wheather or not money could be raised to finance them. Offering stock to institutions gauranteed IBR the $ and allowed them to go ahead with their plans. Ask yourself, would you have definately purchased at the placement price? - Would the rest of shareholders? How much stock would be left for instos? How much would they have raised? A lot of 'ifs' if you ask me. IBR have the money in the bag, and are using it exactly as promised.