a comparison with dom, page-5

since MN picked up on a few 'negatives' vs DOM, I'll in fairness point them out separeatly:

1/ DOM already in production while IBR likely 6-12 months, but likely doesnt mean certain...however given they are simpoly 'recommissioning' an existing mine, the risks are minimal

2/ Armenia has much more sovereign risk than Australia in terms of geopoitical upheaval (however regulatory risk in Australia would be higher, eg native title etc)

3/ IBR gold grades are lower than DOM, and operating costs are likely to be higher given the different in deposit structure, ie DOM one long shoot...though im yet to see decent info on the Armenian deposit (hopefully included in the imminent website update)

4/ Currency risk: Fairly straight fwd with DOM ops being in Australia, but bit more uncertainty when company operating os as needs to make a decision in its costing, eg OX in LAOS went the US route from memory.

5/ DOM has a long history of mining, whereas IBR is fairly new company and yet to earn its striped (though i reckon its wearing a badge of honour at least)

6/ DOM is almost debt free, ie 5 million, whereas we are not sure how much IBR will require to move into full production...it is possible they have enough cash already, however not sure. They have stated capex from ehre is minimal but might exceed current cash reserves.

7/ DOM geology well known, as per above, but Armenian project still an unknown since we have limited info to date however again since it has been previouly mined wouldnt expect any nasties.

Any more thoughts, positive or negative.

Cdchi1