Ann: Randalls Gold Project Feasibility Study , page-24

I don't hold any IGR, but have been watching them for a while.

Some of you guys are being a bit harsh on this report. What were you expecting? The market to be totally wrong and IGR to be already worth $1.00c a share or something?

The way I see it, IGR is a roughly $135m company of which some of that value is represented by cash. You can't include the options as part of the market cap without assigning them a value of $8.2m cash, which is what the company will get if they are exercised.

On the BFS figures with gold at AU $1,250 an oz that puts them on a p/e ratio of about 7 for 10 years, assuming no further upgrades or discoveries. That is pretty solid, and the assumption of no upgrades or discoveries is highly conservative, considering all the announcements in just the past year.

So you don't need a rising gold price to see value in IGR as an investor. As a speculator who thinks they are going to make a killing, yes you do. And gold doesn't have to rise, it might fall. Prices can always go in two directions, whatever anyone says.

My observation would be that expectations ran ahead of themselves on this board, as they do on these kind of forums, but that IGR very clearly represents a good, if not spectacular, investment.