do I like the ground ? yes, but results of a significant positive nature have not been to my expectations over the past 9 months.
Recent announcements have been typified by comparatively low grade narrow width intercepts. Nothing that would have a serious positive uplift in the resource base calculations and nothing that would have enhanced early development-particularly when considering the fact that they already own a gold plant.
I do not and never will support a company that issues convertible notes without a 'bomb proof' cashflow attached.
In the past 12 months we have witnessed a considerable dilution of shares and once again IMO, have not accelerated development. Hence the significant retracement in the share price. The use of Martin Place does nothing to inspire my confidence.
Is the company worthy of some luck? Yes and such luck should change my 'negative' outlook.
From an overall industry point of view think the company is no better at this stage and certainly no worse than the rest of the gold explorers cum near term producers. Our gold industry is riddled by underperformance at the moment and frankly there is none that suggest my wallet needs to be opened wide. And this, in what I believe, to be a terrific time in terms of commodity price outlook for the yellow metal.
Cheers,TAS
IGR Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
