Ann: Half Yearly Report and Accounts, page-30

The presentation was fine. First half was about the Pilbara conglomerates and his knowledge of the area, as well as progress of Novo/ ARV projects.

Then it was about Commonwealth Hill and the expectation of a greater ratio of gold to silver at depth. Currently a silver/gold deposit but should end up a gold/ silver project.

Hole 72 was considered important as it was quite a distance from others, so would indicate a continuance of mineralisation over a large area. Visible silver mineral was visible at around 250m depth in this hole which Mike seemed excited about.

So after talking to Mike and watching the presentation, I felt IPT was good value at under 2c as that was the price of the latest cap raise. I have added quite a few shares in the last month, including some today as I consider this could turn strongly upwards if we ever get news.

The volumes of late haven't been large and I think most selling is coming from frustrated holders who see other companies' share prices going up whilst our sp slowly sinks due to a lack of news.

We have lost around 20% of our value since the Freo conference. We now have another conference this week, specifically about the conglomerates, so I'm not sure what benefit we will gain from this. Maybe something, maybe not.

I find it implausible that we would still not have received the results from hole 72. I also find it unacceptable that our board cannot even be bothered to update shareholders and potential investors of what the hold up is. It takes very little effort to keep the market informed.

This is just my take on things.