whoops last post half finished

Take two:

Subject: Will it be stock of the year in 2006?

Probably not, its a big stockmarket out there and its nigh impossible to pick what will be the best performing stock for the year, particularly in in a commodities boom when you have hundreds of jnr exploration companies throwing holes in the ground.

However IBR imo has recipe for being an extremely good investment as long as it jumps its hurdles. Each hurdle will provide impetus for the shareprice. Of course we should not forget that the price of gold and the AUD XR are significant factors, but assuming they were static, the following are the objectives that should see the SP firmly higher by the end of 2006, in order of influence (but not in order of which they may happen):

- Commencement of gold production at 60G oz per annum (this is important since it will give credibility to the previous announcements)

- At Lichvaz, Delineation of reserves or at least providing some comfort (ie upgrading majority of resources to measured and indicated)

- At Lichvax, increasing the potential resources at Lichvaz past the 2 million GOLD ONLY oz mark

- Increasing resources at Montemor (Portugal) to 1.5 million oz (currently 610G)

- Metallurgical and gold resource size delineation of the tailings shows it to be large and economically viable to extract

- Completing a feasibility at Montemor (Portugal) with a positive result

- Confirming the expected rampup of production to 150G oz per annum and when that will occur

- Showing us their hand on Marjan, ie exactly what is there

- releasing more technical information about the Armenian projects which will help get the analysts on side, eg showing us that the copper at Lihckvaz can actually add value and not be an impediment to gold extraction

- getting included in the ASX 300 (this of course will rely on that large SP increase im hoping for)

- Doing all the above while minimising any share issues and keeping the capital structure extremely tight

I would expect a higher price if even only the first couple points were achieved. Of course many of the points are obvious from teh announcements only, and that of course means that we need to rely on the hope that management are not telling us porkies (which of course are rife in the industry!).

All in all, will be an interesting year for IBR, and hopefully with a little weakness in SP, I will manage to accumulate alot more than the 220G I currently have.

Cdchi1