green mail, page-22

Great we still have TMR shareholder "robandcoll" advising IBR shareholders – give me a break.

As I already said hit the Search Forums button above and type in his name (robandcoll) and search this posters previous posts – he/she had never posted under the IBR threads before the TMR bid, but has previously posted under TMR threads prior to the TMR bid – disclosing him / her self as a TMR shareholder.

Now IBR shareholders why are TMR shareholders posting on your IBR thread, trying to convince you to accept the TMR’s bid – simple, it’s because the bid undervalues IBR and results in the transfer of value to TMR shareholders. Of course TMR shareholders want the bid to succeed, it’s good for them and bad for IBR shareholders.

Now let me get this right, a piddling 62% after ten and a half weeks, yes that’s right 10 and a half weeks and that was with directors recommending the bid. Those IBR directors must be really embarrassed about such a the poor response to their recommendation.

Here once again are my numbers:-

firstly from the last quarterly activities report IBR has 117 million shares on issue, plus 14 million options all presently in the money. So on a fully diluted basis (assumes all the in the money options are converted) that’s 131 million shares. Now IBR has $9 million cash in the bank and the conversion to ordinary shares of those outstanding in the money options adds another $5 million cash, total $14 million in cash. Take IBR’s last sale price 85 cents (you can’t use that b..s.. bid price which the market itself is “heavily” discounting) times 131 million shares equals $111 million market cap, less the $14 million in cash equals net $97 million, divided by 4 million ounces of gold equals $24 per ounce. So the directors believe they have 4 million ounces of gold and are willing to sell it all for $24 per ounce?? This is giving it away, especially for a company commencing production, no wonder TMR (and it's shareholders) are so keen.

crunching some further numbers, a further scenario. So from the above point, $111 million market cap, less the $14 million in cash equals net $97 million, less $25 million for existing mine development (a figure directors previously put on it) and say less a further $10 million for new plant and equipment (that would be conservative) equals net $62 million divided by 4 million ounces of gold equals $16 per ounce.

NOW STILL THINK YOU ARE GETTING FAIR VALUE?

If my numbers are even close I can't help but wonder what the IBR directors got out of recommending this bid?

Matt and Mike you should be ashamed of yourselves – selling us out so cheaply – even the market is telling you so with IBR continuing to trade so far below the bid price it’s not funny – yes Matt and Mike the market is telling you loud and clear you are being ripped off, and are not being paid anywhere near $1.04 per share – time to get off your rear end and go in and do what you are being paid to do – represent IBR shareholders and negotiate a better deal !! because if you don’t I won’t be accepting !!

And yes I am still wondering just what are Matt and Mike getting out of all this that we don’t know about, and the longer they fail to act to negotiate a better deal, the more I wonder!!