increased wealth

I have only posted on this stock once although I have followed it closely for several years. I still have a substantial interest in it.

Back on 27th of Aug 2007, I referred to the rising gold price and the predictions of where it might end up, with Jim Sinclair looking for $US1650 initially before it climbs much higher. I also stated that with projected costs of $AU545 per ounce and a current gold price of $AU800, every Aussie dollar increase in the gold price from the current level, adds directly to the bottom line

The gold price when I posted was around $AU800. It is now around $AU 920 as I type. The reserves which I estimated as around 1 million ounces back in Aug, must now be fast approaching 1.5 million ounces. And reassuringly, further strong increases are also possible with Chris Cairns and his team now having a thorough understanding of the regional controls.

Assuming mining costs have remained constant for the period up until now, the $AU120 increase in the gold price and the increase to reserves represents INCREASED value to IGR of:

1.5 mill times $120 or approx 49 cents per share (assuming 370 mill shares).

That is a very comforting result. It is a great feeling that with the discovery of easy to mine ounces by the company on one hand, coupled with a rapidly escalating gold price, this company is going to turn into a mining house of size in the not to distant future.

Cheers to holders
Nev