further high-grade gold/copper mineralisation, page-17

"Gee, from reading some of the posts in IGR threads IGR should halt all exploration and any other expenses not directly related to current gold production and so substantially increase their cash position each year...."

No, that's missing the point.

The companies I've mentioned... SLR, MML and IGR have similar production levels and all have plans to substantially increase this over the next several years.

They each have $20m+ exploration budgets. SLR and MML have detailed how they will double their production rate to 200k oz in 2013 and then 300k rate in 2014/15. Both are now funding development to achieve the first goal next year. Their exploration success has been the platform for this development.

IGR hasn't done this... it's still exploring, trying to reach critical mass. It hasn't convinced me it can even maintain 100k beyond FY13. I had thought they would significantly build their cash reserves in 2011/12 after the $40m cap raising a year ago.... as they high grade their best deposits at Salt Creek and then Maxwells... in readiness for the next growth phase... but this hasn't been happening.

Maybe that will change and IGR will catch up with the other two... but look at the past evidence. It's no coincidence that SLR and MML both have ~200m shares on issue and achieved growth without taking on debt.