annual report, page-2

I think you will find that the annual report will most likely talk about the production scenarios and the triggers required to make that decision.

Now there are four options IMO, they are to leave it where it is, move it to the recently acquired Mt Monger area ( which is close to current plant site ), to move it to the Salt Creek/Reddale area which co-incidently is only 20kms away from Maxwells and Co$k Eyed Bob, or to move it to Maxwell's.

The recent Fat Prop#ets report talks about consolidation at around the previous high of 27 cents. We have had a good week at this level with enough turnover to say that we are nearly ready for our next push foward.

Gold is up again, at USD743 now, they keep telling us that it's gone up too fast and that there will be a pull back but the traders and the hedge funds and the Arabs are not listening. The USD is falling fast and the next rate cut will definitely help the upward momentum.

I think with the resource statement 18 months old, 1.2m oz's at a peer average of $100 per resource oz ( $120m ) IGR's market cap at $81m, there is still room for another 13 cents based on an 18 month old statement.

Let's face it, we probably have at least another 100k oz's at Maxwell's and Co@k Eyed Bob from the drilling in the last 12 months, they are already talking a conservative 100-200k oz's at Salt Creek at this early stage( probably going to be a lot more ), Reddale is at least 3 times as big, you've got to be talking 1.5m to 1.8m oz's giving a peer average market cap of between $150-180m, ( 50 - 60 cents ).

As you can see, Fat Prop&ets thinks IGR is one of the cheapest gold exposures in the Australian emerging gold producer sphere.

There seems to be a compelling case for acquiring IGR at current prices.

We still have that wild card in the Gawler Craton. I read in Monax's recent announcement that Carrapateena ( now being controlled by Teck ) found 900 metres at 2% copper. That is a massive find, and now Olympic Dam is going open pit. What an amazing story Allendale and Borthanna could be for IGR. No wonder Barrick wants a major piece of the action.

That's enough from me.

Enjoy the weekend and GO CATS.