further high-grade gold/copper mineralisation, page-32

I agree that Cap Raising, if done at favorable terms, is an efficient way to grow a company. Gearing, borrowing money, has certain tax advantages that may come into play. When/If a decision is made, a company should make that based on which is most efficient. With a standard commercial credit line, my impression is that you would not have hedging or other onerous conditions. The banks have decided you are a good credit risk and want to loan you money. IGR, as an unproven producer was obviously required to hedge.

At Salt Creek, IGR have already blasted, mined, trucked, and crushed the lower grade ore stock pile. And capitalized the cost. The cost to produce gold from this ore will only be processing cost, which are a fairly small part of overall production costs.

By now, the high grade ore from Maxwells should be being mined now. With quite a bit of the costs already accounted for and paid for. If CEB trial proves up there should be no gap in ore grade.

My impression is that Majestic is a done deal as a future mine. Final ore reserve, mine design and approvals to move ahead to production.

Another item CC mentioned which I forgot to include is that a second pass has been run over Mt Monger, (adjacent to SLR Daisy Milano), and results pending.