This is the second part of my response. I am correcting the...

This is the second part of my response. I am correcting the first two assay results in the Maxwell lot.

Salt Creek

48 metres* at 3.71 g/t gold,

36 metres* at 3.42 g/t gold

6 metres at 8.92 g/t gold,

12 metres at 5.80 g/t gold,

3 metres at 6.92 g/t gold,

11 metres at 2.43 g/t gold,

13 metres at 2.05 g/t gold.

*Note: 4 metre composite sampling



• Maxwells Gold Deposit

8 metres at 11.12 g/t gold including 1 metre at 78.23 g/t gold,

3 metres at 34.13 g/t gold including 1 metre at 95.46 g/t gold,

7 metres at 9.32 g/t gold,

 7 metres at 8.38 g/t gold,

 5 metres at 9.20 g/t gold including 1 metre at 36.57 g/t gold,

 4 metres at 10.45 g/t gold including 1 metre at 28.80 g/t gold,

 7 metres at 6.11 g/t gold,

 5 metres at 7.63 g/t gold,

 5 metres at 6.05 g/t gold,

 5 metres at 5.86 g/t gold,

 3 metres at 7.99 g/t gold,

 4 metres at 4.97 g/t gold,

 2 metres at 8.94 g/t gold, and,

 2 metres at 7.65 g/t gold.



• Maxwells North

 9 metres at 7.12 g/t gold including 1 metre at 25.51 g/t gold,

 4 metres at 7.49 g/t gold, and,

 4 metres at 5.57 g/t gold.



• Co#$-eyed Bob

2 metres at 9.05 g/t gold,

9 metres at 6.55 g/t gold including 2 metres at 24.33 g/t gold,

4 metres at 6.19 g/t gold including 1 metre at 21.27 g/t gold,

5 metres at 5.41 g/t gold,

5 metres at 4.28 g/t gold,

4 metres at 6.49 g/t gold, and,

7 metres at 4.98 g/t gold,



• CEB ‘A’

11 metres 1at 3.54 g/t gold including 3 metres at 0.18 g/t gold,

4 metres at 4.87 g/t gold including 1 metre at 17.21 g/t gold, and,

4 metres at 5.31 g/t gold.



• CEB ‘E’

7 metres at 3.27 g/t gold, and,

1 metre at 38.72 g/t gold.


Just to put things into perspective, Thunderbox (Lionore/Dalrymple) has a life of mine plan to produce 10.9Mt of ore at an average grade of 2.40g/t and this produced a capital pack back in ten months of operations at a time when gold was USD300 per oz.

Comparisons with other operations shows the grade of IGR open-pit material to be at least a gramme to 2 grammes higher than say Crescent (1.7 g/t), Gleneagle (1.2 g/t - we know what happened there), and other hopefuls.

Grade is not the only factor impacting on profitability, clearly strip ratios (mining cost), recoveries and milling costs are all important factors. However IGR clearly has some comparative advantage in some of these areas.

The resource at Maxwells (18 months old) is publicly stated as 3Mt at 4 g/t gold, ( already a few grammes a tonnes higher than the companies mentioned above )IGR's recent succeses especially over the past 6 months have been excellent and averaging grades well in excess of this. ( as displayed above )

THe other things to consider is that although IGR has issues more shares over the last 18-24 months, we have to consider that the money is well spent for the following reasons:

Imagine that Integra’s ‘produceable’ gold inventory over time is represented graphically with time on the x-axis and ounces on the y-axis. At the moment the slope of the curve is moving up quite strongly as IGR add ounces with (almost) every drill hole. IGR should see a valuation of at least $30 per resource ounce reflected in its market capitalisation for every oz being found by recent drilling.

IGR is defining ounces at a cost of <$5 per ounce while realising a 6 times increase in value reflected in the Company’s enterprise value.


Further, that Enterprise Value per resource ounce is about half the sector average AND it looks like a high proportion of the newly identified ounces at Salt Creek are likely to be captured by an open pit design. This means high grades, low strip ratios, great margins on production.

The average valuation of reserve ounces in the Australian market is >$100 per ounce and I would encourage anyone to do the Market cap / reserve ounces calculation for Avoca or Dominion. So you can quickly see that the cost of finding these ounces and their eventual value is a very significant multiple which WILL have to be reflected in the share price eventually, if they don't get taken over before they get to do this calc.

And yes, drilling will eventually and is currently converting oz's into the reserve category at Maxwell's and Co%# Eyed Bob and hopefully soon at Salt Creek.

At some point in time the slope of the curve of additional ounces being identified will begin to level off as IGR defines the edges of the mineralised system at Salt Creek and hopefully Red Dale ( considering it's proximity to the Salt Creek discovery ) as I mentioned in a previous post. Once the size of the mineralised system is determined, this might be the best time to draw a line under their drilling programmes and say ”Right, this is the quantum of resources / reserves we have to work with – what scale of production optimises our profit?” – Using this information, IGR can then determine the configuration that produces the best returns and then go for the development.

All this is a lot to consider but it illustrates to those that are knocking IGR, that IGR has a lot going for it and the grades being discovered are actually lifting the overall grades above 4 grammes a tonne. Who knows what lies down deeper, this is but the beginning of what is likely to be a substantial discovery. Some might even make comparisons to recent discoveries at Trident ( Avoca ).

I hope the above helps the non believers or those that might not quite understand what has been happening recently. It should also help those concerned about the dilutions caused by previous capital raisings. You have to compare IGR to companies that have 1billion shares on issues with nothing to show for it.

I also resent a recent posting by GonnFishing talking about there being 600million shares on issue at the time construction happens. Have you ever heard of bank financing, that's why companies do "Bankable" Feasibility Studies.

IGR have hit pay dirt in recent months with nearly every drill hole.

Just remember, when the quality money returns to the stock market, it will be the quality stocks with quality management that will bounce back the quickest.

With the runs on the board, the recent Diggers & Dealers conference, don't be surprised if some of the bigger firms start to follow IGR and putting their clients money where their mouth is.

I have followed this stock for a long time and I am yet to see another pre-developer of this quality.

I can't wait for further results to come from Salt Creek.

I especially can't wait for SKD003, the drill hole with the pics in the announcement on July 17th.

I hope this has helped. Enough for now.

Regards

Kojasper