The first announcements of the Armenia deal looked promising to...

The first announcements of the Armenia deal looked promising to me and quickly jumped on board for a small outlay.

Noticed happychappy's comments on the JORC calculation and started to kick myself about doing homework. His/her comments were correct-the company merely took the Russian data and put it into a JORC category without cross checking sample assays or more particularly, drilling. (Russian data is notorious for being incorrect).

Then checked historical production for the area .The gold does come with copper and the historic production from the region went through a nearby smelter rather than a CIP process. Only problem is the bunfight going on over current ownership of those smelters-they all look suspect. Guess that is why the country manager is a metallurgist rather than a geo or a mining engineer.

Then noticed the trading patterns in the stock. I've done my time in a brokers office and this one was trading in a very dodgy basis-almost running in unison to 'pumps' made by Adam Smith (a HC poster).

Then finally looked at management. Some HC posters are quick to sing the praises of thes guys and the common directorships with ELK and BLR. The former is a strange little petroleum stock where a lot of people seem to get excited about the 'potential' of the field they have an interest in, but after a reasonable period of time they are still only producing enough to keep the average 4WD happy.(=sus). And BLR! That is pure crud on what has been announced. The old CRA data is there, it is in enough old text books. Grasmere is a sub-economic woofer that still would not fly if copper was $20 a pound!LOL.(+sus)

Nope, IBR comes from a questionable kennel and made my exit.

I don't care that the price has recovered somewhat of late, well most resource stocks have improved this month. There are plenty of other stocks out there.

Cheers,TAS