aegis quarterly resources report, page-2

Aegis Equities Comments
�� Projects: Aldiss Gold Project RC drilling has produced several high-grade intercepts at the Maxwell's West and French Kiss
deposits. These contributed to the recent upgrade of the resource by 80koz to 1.2Moz. A scoping study currently underway
should be buoyed by the current high A$ gold price. At Randall Hill, RAB drilling has encountered sulphide mineralisation,
which confirms that the ultramafic geology is prospective for nickel sulphides. Electromagnetic work will be planned to follow
up on these results.
�� Potential: IGR is using 3D modelling to identify new discovery opportunities as opposed to further drilling on the edge of
known gold deposits.
This enhances IGR's prospects for finding a significant deposit. Concurrently, acquisitions near to the Aldiss Project are being
considered to increase production capacity. In SA, IGR will pursue initial drilling of a potential Cu-Au-U deposit. Also in SA, IGR
has struck a JV with Mithril Resources to pursue Cu-Au in the Gawler Craton. Mithril will fund $5M of work to earn a 70%
stake.
�� Overall: IGR’s strategy of acquiring ground in this relatively underexplored region 130km east of Kalgoorlie has worked well
since it first bought the Aldiss tenements in October 2003, followed by Rowes Find a year later and then the Randalls project.
It has enough cash at $3.6M after the recent placement to rapidly advance from the scoping study to a full feasibility in 2006.
IGR's enterprise value of ~$20/oz is low compared to the sector average of ~$50/oz.