current sp is a big joke

With current net asset backing nearly 7c per share, current SP is really a big joke, we made a lot achievements in last few month, but SP back to the level of 5 month ago. Okay, let's look back at what we did in last 3 month.

1, The most important point in my view, is the oncoming production from Swan Gold. In last financial report, $2.5 million investment been writen off, Now, we can not only add this $2.5 million back to our assets list, but also can expect a huge return from our 32million swan gold shareholding.

(SRE just got trading halt pending the announcement regarding Swan Gold transaction (complete). 1, March)

Swan gold will produce 100k ounce gold per year, so I reckon its SP will soar to 10c in near further, which can bring at least $3.2 million to IRL.

2, SURDA REACHES PROFITABLE OPERATIONS STATUS, this is secondly important IMV, because it means now IRL has positive cash flow. Since IRL starts to mine high grade ore plus the production efficiency has been improved 20%,I expect now Surda copper mine can bring $3-4 million net profit to IRL per year.

3, Bonai Project C Iron Ore
This is thirdly important IMV, as IRL already mentioned twice and it has held two meetings with with the Jharkhand Department of Mining and Geology (DMG) to expedite the granting of these applications. Meeting means negociation, if DMG doesnot have an intention of approval, it will not attend the meeting in last 3 month. So I expect IRL will be awarded at least 2-3 of its 15 applications very soon.

4, Aravalli Project C Base Metals --potential 3 million tonne Zinc metal, 1.5 million tonne Pb.

This is fourthly important IMV, The Mining Lease applied for over the lead zinc mineralisation defined at Sindesar Khurd-Rajpura Dariba is progressing. A new resource estimate is now complete for this project. I expect the new reserve will be at least 2 million tonne Zinc.
---Underground value A$6 billion. The announcement regarding the new reserve can be due anytime from now on.

5, Firthly important IMV, is to develop and operate the Biharinath Coal Mine. Contract worth A$500 million means IRL expects A$500 million revenue during the life time of coal mining. A$6 million per year on average.

Actually this is not a big coal project, 0.5 million tonne per year means the total reserve less than 100 million tonne coal, so I believe the initial investment should be less than A$3 million--- for which amount is sufficient to run a 500 million tonne coal mine in China.

All in all,current SP is an unbelievable bargain. I think the fair value per share should be 9-10c, I also believe the SP will double even if only one iron ore application approved.

Remember: donot expect the SP back to 2c range again,( then the Market Value less than A$5 million) Swan gold produce gold soon, only this Swan can already bring total A$5 million return (repay debt plus share value) to IRL.

So Swan Gold already contributes 2.2c per share for IRL, how about the rest ongoing production and exploration???

Donot be lured by one silly & greedy seller,the more games played, means higher return just around the corner.

Cheers and good luck