$17.5 mil cash burn jun-dec., page-9

Mooroo,

And that after the company raised $40m in a share placement, February 2011.

The best goldies have sufficient scale to organically grow without issuing paper or taking on debt. Integra is still trying to get there... and why my sentiment is hold.

Once the hedging is gone and the debt repaid, not that long to go, the financials will begin to look much better. On the other hand, they've been high grading Salt Creek so all things being equal I expect the second half of FY12 to be worse than the first half... depending on how successful they are increasing throughput at the plant to compensate for lower grades.

Once Maxwells is producing from June then I expect FY13 to be a very very good year for Integra... they've got one year's production for 137koz at 4 gpt from memory in reserve.

Beyond that, they need the underground. If that's successful, they can expand the plant, process that stockpile and achieve the scale I'm looking for.

I'm expecting the CEB trial to be done by mid year.