On the 30th June 2011 IGR had $38 mil cash and at the 31st Dec 2011 IGR had $20.5 mil cash; a cash burn of $17.5 mil
This kind of cash burn is normal in pre-production phase but it is of concern when IGR has produced 44,703 ozs of gold in 6 months when gold has been at historically high prices.
If IGR's performance is similar for the second half of the financial year, then it will have only $3 mil cash at June 30th 2012.
The forecast increased costs for the Mar qtr indicates that there is a good chance that the cash burn will continue.
Cheers Moorookamick
IGR Price at posting:
60.5¢ Sentiment: Sell Disclosure: Held
