Ann: Integra Macquarie Conference Presentation , page-14

re: Ann: Integra Macquarie Conference Present... Hi Angers,
I do not want to rain on your July $1 IGR party, but my take on IGR by
July is:-

(a) Revenue similar to Mar Qtr of $33.396 mil
(the 10th April ann said that with supplementary feed trucked to
the plant, the throughput grade would be "consistant to that which
has been treated in the last 6 months at around 2.7g/t gold.")

(b) That cash in bank was $20.964 mil. (see Dec Qtr Cashflow ann 27th April)

(c) That forward outgoing cashflow for June Qtr is $44.277 mil.(again see
Dec Qtr Cashflow ann)

This would give a negative cashflow for the June Qtr of $10.881 mil
which would reduce cash in bank to $10.083 mil.

With UG due to come on line in the late Sept Qtr, I doubt if the market
will see a buying binge to send the SP to tour $1 party level until there
is results from UG with improved throughput grades.

I doubt if an average resource upgrade or a moderate lift in the POG
will do it; in fact with the probable reduction in cash, a small CR is still
a risk IMO.

With kind regards
Moorookamick