two different substantial shareholder notices, page-8

Re: the two different shareholder notices, Pala are based in Switzerland and guess who else is from Switzerland? That's right - UBS.

I was at the IGR presentation in Melbourne tonight and CC said he was privately concerned that the beneficial owner of both shareholdings may be Pala. Apparently the IGR lawyers have sent off a leyter to UBS asking them to clarify who the real owner is as they believe the announcement was deficient and does not meet ASX/ASIC disclosure rules.

Apparently when it became known that Pala were sniffing around CC went to Switzerland (last year I think he said) and met the boss and asked them to steer clear. A red rag to a bull I imagine!

The presentation was great by the way. Plenty more exploration upside in the area. Robust economics for phase 1 and relatively insensitive to gold price and grade fluctuations.