feedback from agm

Hi Folks,

Meant to post sooner. I am not going to say anything about things that are regularly reported by the company, so notes patchy, not extensive.

Staff. 96.4% for 06/07. Introduced a productivity bonus in January. Appeared proud of it's success. To a question on retaining staff "we treat people as people". Notably Chris has on his team people who have worked with him for two decades.

Graduates. Getting uni's steering their best geo students to IGO. Got top grad last year (from ?? uni). This impressed me.

Science and Innovation. Very keen on both accessing and on developing geophysics technology for finding nickel. The only thing in the entire presentation that Chris wasn't understated on was the TEM transmitter they had developed with Curtin "ten times better than anything on the planet". Lets them see 200 m vs 100 m.

Seismic. At this stage I'd say guardedly hopeful and optimistic. It showed up McLeay, and they hope it is showing up Long South (yet to drill).

McLeay. A lot of potential still.

Gold
Dalwallinu. "very small" "very high grade"

Tropicana
Very impressed with Ashanti efforts "whole new gold province under sand" Ashati had up to 36 geos out there, also 40% of Ashanti's exploration budget.

resource next few weeks, but will exclude the out of pit deposits. Chris was very keen on this excluded future underground resource. Good widths for trucks.

With the overview of the regional exploration I was impressed that they had staked some very large, unexplored/underexplored areas that really would give them whole new provinces if successful. I really got the impression our future will grow in the style of Tropicana, which they consider to have decades of follow up.

"want to grow a big Australian mining house - but it will take 20 years"

As always I was impressed by Chris and IGO, both by the style and the substance. Reafirmed my long held view that it is a story I want to share in the longterm success of.

Although they have a great mining asset, and do an excellent job mining it, our future clearly lies in IGO the exploration company, their people, their innovation and geological ideas, and with their networks in the uni's etc. They have a big exploration spend for 2008, so let's hope it's a new 100kt Ni ore body, or new Ni/Au province they discover.

EL
Discl: Held since 04, nearly doubled in July/Aug.