Annual Report

Some interesting comments in the annual report:

1) Pay cut of 30% to manageing director and all non executive holders.
2) As the mining downturn continues our share price is such that opportunity to raise equity funds is unlikely in the near future. We therefore have to consider other alternatives to obtain funds to continue to explore. The company is actively persuing alternatives.
3) As well as looking for new tenement opportunities the company is and will continue to engage in discussions with potential joint venture and farm-in partners to supplement and expedite the development of the company's existing projects and objectives.

The quality of the farm-in/JV is obviously going to depend on how good is the ground they hold and the research and exploration done so far should be sufficient for a experienced geologist from a bigger company to determine the grounds potential. So I think we will find out whether the reports they have been producing is just creative writing from the IVR team or if they are potentially onto something.

The balance sheet says they have exploration and research of $27,000,000. You would think this accounts for something.