Ann: Presentation June 2012 , page-8

This presentation does not fully address IGR's current problems
which has motivated the market including a major shareholder to
sell the company down.

Over the past year there has been a succession of plant upgrades and problems.
Before Xmas the main crusher had problems exacerbated by bad weather.
Then there was the screening circuit upgrade. And now there has been
the cone crusher karking it.

last June the cash position was $38 mil (cap raise earlier of $40mil)
with outstanding debt of about $25 mil.

According to this ann the cash @ 30th June is likely to be $12 mil with
debt of $8.4 mil. This presentation does not refer to the pending $20
Westpac loan as per ann two weeks ago.

If the cash in the bank is going to be $12 mil @ 30th June and that
the remainder of 2012 is going to be on schedule ( profitable) then
why does IGR need the $20 mil loan?

I know that the pres. has said that $15 mil will be spent in future plant
upgrades but why can these upgrades be not deferred until the high
grade ore from the UG test is ran through the plant in October?

In order to maintain credability, the company has now to provide the market
with details, otherwise Mr Market is likely to wait until the business
has proven itself to be profitable and can finance plant upgrades
and drilling from cashflow and then pay abit back to shareholders in the form of a dividend.

Last year saw historically high gold prices and with a $1360 gold hedge still
in place, it looks like the only one making money now is the hedge company.
It would be interesting to see how much this gold hedge in total is costing the company vs the initial loan amount which this hedge underpinned.

With kind regards
Moorookamick