i wont sign, page-9

Lots of brave and fighting talk around...if IBR was really underpriced,

1.) why was it trading down to 65c before the deal - came up a bit on the rumour to be sure prior to announcement, but it gives a glimpse o a non-merger future

2.) IBR have yet to actually disclose anything that looks like a plan for getting to the 150,000oz - not a drillhole yet in the resource, and nothing that looks like an indicated or measured reserve

3.) As for the 40,000oz plant, there are no hard and fast targets being set for this which should be very disturbing. A few very vague and uncertain comments here and there dont fill me with great confidence

4.) Since the deal was announced, the arbitrage between the share prices hasnt closed much - if all the brave fellas out there really believed this one, they certainly ain't putting their money where their mouth is. That, fellas, is the sign of an investor - anyone can sit in the cheap seats hurling abuse like a good armchair warrior.

Also, the announcement from that large shareholder isnt included in the acceptances if you piece them togvether - still to come. This should get them walking to 51% and if that happens, they will go unconditional as always happens in these cases, and then its up to you guys whether you want to be a minority getting slowly toasted or not. The share price wont move, placements will be done at numbers which will give you no incentive to follow your rights (it happens every time this sort of thing happens, guys - it isnt rocket science)

at 51% its game over. I've come to the conclusion that IBR is a hobby mining outfit and that if the deal didnt happen, we'll trend lower and lower with more dilutive raisings. Lets get the resources and our hard-earned into an outfit that will get things moving there. After all, it is a MERGER and not a takeover so its not like you get a cheque and then told to piss off.



3.)