$17.5 mil cash burn jun-dec., page-10

Thank you for the post, rowingboat.

We seem to agree that the current half year will
be difficult for IGR due to lower grades and throughput restrictions
due to the crusher and screens which will burn more cash.

I agree that once UG is operating that the stockpile & higher grade
from UG will ramp-up gold production with the benefit that the costs
of the stockpile have been already accounted for.

The danger to SP between now and July is that the company may decide on
another CR rather than take on more debt because of high cost and
availability of money due to the Euro crisis. If a CR at discount to current SP
happened this qtr then, like last year, it could take a year for the SP to recover.

So long as the UG holds up, long term holders should have no worries.

Cheers
Moorookamick