managements reply to sell down

Hi All

Peter Ionside, Director of IGR called me back and gave me permission to outline the gist of our conversation.

I asked Peter 3 questions. I set out questions regarding the recent selldown of IGR. answers below.

Question 1: Is there a capital raising currently in the wings or planned for the near future to fund a new plant or for other financial requirements?

Peters answer
Thats riddiculous, we have a strong financial balance sheet with some 20 mill in the bank and good income streams from production. We are not currently planning a capital raising.

Question 2: Are there any problems with the plant or with production?

Answer: Everything is running as expected. No production problems.

Question 3: Is there a takeover happening that you or the board are aware off?

Answer: Nothing management are aware of.

Finially Peter mentioned that they were in a strategy meeting discussing what is happening . They think it may be a large shareholder unloading because of the posability that gold might reverse and want to get out.

Management also believe the sell down may be as a result of a financial magazine call Penny wise or something like that (penny foolish) that recently recommended their readers sell 1/3 or their holdings.

So there it is right from the horses mouth.

Looks like an incredible, rare buying opportunity to me.

Angers