put options, page-11

Have a look and listen to some IGR presentations where Chris Cairns talks about the drivers of the gold price.

In view of the fact that IGR Management are bullish about the gold price I was very confident they would do everything in their powers to both satisy the banks for finance while also giving IGR 100% upside to the gold price for as much of their gold as possible.

Management of some gold companies operate more like bankers and have already sacrificed a large percentage of their companies exposure to a future rising gold price by fixed price, non inflation adjusted hedging, not to mention the possibility of having massive mark to market acounting losses.

Not IGR which gives us every indication that Management understands we're in a long term gold bull market with potentially a very much higher gold price as today's gold price is still very low compared to the 1980 spike high which is over US$6000 in today's inflation adjusted prices.