re: Ann: Quarterly Activities Report and Cash... Morning IGO4IT...

re: Ann: Quarterly Activities Report and Cash... Morning IGO4IT and all

Plenty of potential positives in our quarterly, but as is invariably the case, it gives us more questions than answers. And whilst worded reasonably bullishly (bullishly for 'AAR Speak' anyway), a far more front foot approach imo was appropriate.


1. Rogan Josh, Dalray and quoting quarterly - I need to put all these together.

Fully agree that all news released thus far appears to indicate not only a mineable resource, but also an increasing resource. Good news indeed. My only query/concern re. this aspect is this:-

The quartely is a total cut and paste of the price sensitive announcement from April 19. This is supposed to be a quarterly report for the period ending March 31 - is it not? Therefore, this strongly implies that management withheld this info for 19 days (at the very least) before informing the market at large. I know for a fact that someone (not me) sent managment an email inquiring about Rogan Josh/Feysville/Dalray, one working day before the April 19 announcement. Coincidence? Maybe. The catalyst for us getting the April 19 release? Probable!
What makes me think the above is accurate and not a conspiracy theory made up in my head, when you read about Koongie in this quarterly, it is written in a way that speaks to us in pre March 31 and post March 31.
If this is coincidence, I apologize unreservedly to anyone I've slighted. If it was in fact withheld, then shame on the people concerned.

Whilst on the subject of our gold leases and also Koongie, the quarterly report did tell us something else of interest. According to the Q we have added FIVE new tenements at Feysville and ONE at Koongie. Extensions to our resources?$?$?$?

We have also acquired TWO news tenements at Victoria River Downs (one pending), three pending leases at Laverton and one pending lease at Leonora.

Koongie reads up quite positively as we advance to feasibility stage. Subject to resource prices being something close to what they currently are, it appears as though we have money making grounds and management need to be commended for their ability to pick the right ground.

As I write, off the top of my head, I can't think of a time in the past two years where I have been as cautiously optimistic about our holdings as I am now - BUT - unlike our good buddy IGO4IT, because management don't tell us what they have in mind, I am concerned about our short term funding.

We currently have about a mill. in the kitty and we are scheduled to spend approx. half of that during the June Quarter. If IGO4IT is accurate in the time frame to start up Rogan Josh, we'll be out of money BEFORE we get to moving a single shovel load. So what I'm trying to work out in my puny little noggin, is what does managment have up their sleeve re. financing. Or perhaps more specifically, do management already have something up their sleeve!

Do they have a 'big player' (Chinese maybe) ready to come on board? Do we already have an interest-only loan at our disposal or some sort of financing already agreed to behind the scenes?

If we do, then great. If we don't, with great respect IGO4IT, we need a front foot approach NOW. We need an aggressive push from management to inform the market to ensure that any money raised/required, isn't at this current absurdly low level.

Again, with respect IGO4IT, short of one of the above mentioned possibilities actually being in place, we WILL need money to start Rogan Josh , Feysville etc. - will we not? Therefore, the sooner our gold leases have something definitive ounce-wise to give the market at large, the sooner we can say, price increase = perfect time to capital raise with the minimum dilution to existing shareholders.

Regards
RM