this does not smell right, page-11

Upmarket, with respect, don’t think your correct about the statement "If every gold miner was valued on that basis, the SPs would be incredible".

You don't seem to understand the industry standards used or the relevance of the JORC.

Nor did you comment on how Market Cap is determined in the mining industry.

These matters are important in understanding why IDC can be differentiated from other juniors, for example, Stone Resources and St George et al.

Market Capitalization per Ounce of Gold Equivalent = {Company's Market Capitalization ÷ Company's Gold Equivalent Ounces}
Gold Equivalent Ounces = {Company's Metal Value ÷ gold spot price}

The formula is often referred to as Tobin's Q Ratio”.

Market Capitalization per Ounce of Gold Equivalent = {Company's Market Capitalization ÷ Company's Gold Equivalent Ounces}
Gold Equivalent Ounces = {Company's Metal Value ÷ gold spot price}

Here’s a practical example with RRL, a producing miner.
RRL
Market cap = 2,500,000,000
Shares on issue = 454,000,000
$2,500,000,000 ÷ 454,000,0000 = $5.50 (notional share price)
RRL's actual share price COB 26/09/2012 was $5.46

I am not sure if you appreciate that most mining juniors DO NOT HAVE a resources let alone a 'reserve' that, in the latter case, can be used to determine market cap, most are explorers not "miners".

This is wht IDC is very different from most of the rest of the juniors.

I was not speaking about the rest of the menagerie of juniors where, in the main, don’t even have a 2,000,000 resource let along a potential reserve in the next 6 months.

"Cap ex" and "interest" are generally regarded as assets in mining operations and are left out of Tobin's Q Ratio.

Otherwise, what I said was that there is evidence of share price manipulation IN THE CASE OF IDC.

The evidence supporting this proposition has been confirmed by many including IDC management, over many months.