eoins reply, page-17

1. How is the MON loan going?

Should be all paid off by June/July, you can alwaye email Eoin to confirm if anything has changed, I don't think so and I sure hope not!

After reading CarMichaels analysis I am semi-comfortable with the projected financial situation of the company at July 08, with loan repaid

2. Any word on negotiations with HCL re Cu prices, and is there any word on if Cu prices will follow LME with a discount or just be a standard price regardless of LME variations?

Carmichaels anaylsis hinted that it was fixed, but Michael Kiernan stated earlier that it has a relationship to LME prices. To be conservative I would suggest you assume its fixed.

3. Was there an actual decision on extra re-opening of abandoned mines yet?

Khetri mine - No news for a while on that one, I would suggest IRL did not win the tender.

IRL hold an MOU with HCL, which means that they can explore HCL tenenments and possibly enter new ventures. I eamiled Eoin a while back, he said that first priority was Surda at the moment. (So I would guess, more opportunities for other ventures after Surda is sorted out at 9000tpa)

4. I know zero about diamond prospecting, any word on this front?

Exploration contiuing, not much exciting in the last quartely from memory. Michael Kiernan did state at a conference earlier this year that in 2009 exploration results may point to possible diamond locations. For myself, Diamonds are just a bonus, not really factoring it in at the moment...until something actually eventuates.
Big Demand for diamonds in India (and Gold, Indians have a love affair with gold)

5. Anyone got a gut feel or more knowledge on IO prospects of India?

All I have heard is that Negotiations are underway, in India "negotiations" can take a while but IRL has some solid Indian Nationals on their team, so there is hope yet!

It certainly would be a potentially great outcome if IRL won the contract on the back of the Surda ramp up sucess.

Its a 'wait and see' situation atm.

6. What's the latest talk with MK consolidating his non-gold co.s and does everybody think IRL will be taken over soon at a pretty cheap price. ie. less than float price.

Consolidation IMO will take some time, I would guess that MK would want to see MON in a situation where they were cash positive and/or profitable first.

I certainly could be wrong on this one, I can't read MK's mind LOL, because the volume in IRL has been up a little in the past two tradin sessions, could be TTY buying up some more?!?

Its too hard for me to speculate what price TTY would offer in the event of a takeover. I would suggest it would have to be at least at Valuation (over 20cents if they were to make an offer today).

After June we should get a better idea of the company's near term future prospects

I think I will start off with a punt on the oppies, the potential leverage available if a few things fall into place for this co. is pretty amazing.

well done to holders who have stayed loyal to the co. hopefully you will be justly rewarded especially those with a longer term outlook.

I hope so :)

And maybe do some research on Pebble creek too, IRL 17% stake in it...Andrew Nevin emailed me stating that some news should be out soon (probably a progress report in my opinion)


Cheers,

HipHop