further high-grade gold/copper mineralisation, page-20

Hi Ghalix, I've been following all three closely for four years, since early 08 late 07.

At that time all shared a very similar vision and had a lot of promise. MML had the Co-O mine, SLR Daisy Milano, and Integra Salt Creek. All three still share a vision... to be 300k+ oz producers in 2014/15 from a combination of underground and open pit mining.

At the end of 2007 the diluted market caps were $68m (SLR), $202m (IGR) and $208m (MML).

You're right that MML and SLR deposits are higher grade but they're also narrow and deep. Integra's Salt Creek was arguably better... remember all those drill intersections in 07... they certainly weren't narrow but very broad and very shallow... 51m @ 7.6 gpt, 10m @ 137 gpt, 52m @ 4.6 gpt etc etc. That led to the slow strip low cost mining in 2010/11/12.

SLR and MML had the advantage of getting into production earlier... in the Dec07 quarter they produced 890oz and 3600oz (small fry). But they used those low cost ounces to good advantage for disciplined growth. Integra, as Moorookamich has been pointing out, could have done the same with Salt Creek... but hasn't succeeded for a variety of reasons, imo.

I think IGR can possibly turn it around with the underground mining. My concern is that the company hasn't generated sufficient free cash moving forward for underground mine development, plant expansion and second processing facility, if it comes to that.... hence more debt and equity raising. Not the same disciplined growth to reach long term targets.

But I'm still watching... I liked how they've now announced JORC ounces in indicated category for three underground deposits.