*** goblin check this one out ********************, page-2

Interesting article worth a read, here is the section discussing IGR...


http://www.gold-eagle.com/gold_digest_05/locantro042605.html


MY COURSE OF ACTION AS A GOLD BULL

For those doubting their stance as a gold bull or in need of gentle reminder I would suggest taking a vitamin B supplement (the fizzy variety) on a daily basis and apart from the odd Friday night slip up after a heavy night there should be plenty of gold to go around. I see the current malaise in the Australian Gold Sector as providing a rare opportunity to accumulate major holdings in those companies I feel will lead the sector out of one of its darkest periods.

Over the course of this year I have purchased for clients and myself an 18% stake in the emerging gold company Integra Mining (IGR) (www.integramining.com.au) that closed today at 8c. Our purchase price has varied between 6.2c and 8.6c, however I am not terribly concerned with averages sub 10c and am happy to continue to build on our stake where possible. Based on the following I believe this one could be the rising star in a sector that is in terrible need of a shining light,

Resource base currently around 730,000 ounces with an EV of around $12 per resource ounce in comparison with a sector average of $40. (Resource ounces/market capitalisation= EV)
Major projects 130km East of Kalgoorlie in a highly prospective and under explored region of the Eastern Goldfields
The company is aggressively exploring at Aldiss and considers some areas have the potential to deliver a major gold discovery. (Results from early stages expected shortly)
The projects offer the potential for higher-grade hits combined with visible quartz veins towards the South
The company possesses an Olympic Dam target at Borthanna in South Australia (Copper-Gold-Uranium) where there has been no value assigned to the project.
The Managing Director resume is impressive in terms of his work at Thunderbox (2m ounces) and with Sino Gold in China. Whilst it is still early days I believe that he has the expertise and the ambition to see this company develop into a Top 10 Australian Producer over the medium-term
The company is lacking a profile amongst local gold investors, however I find that the best advertisement is an ASX announcement as opposed to spending large amounts on glossy advertising. The other critical aspect missing is sentiment, however one only has to look back towards the great gold runs of 1978-1980 and even 1985-1987 to realise that once the cycle turns from "greed" to the "fear of missing out" overvaluation becomes the norm. It should be remembered that Bre-X was in 1996/1997 not 1896/1897. Fear is temporary, greed is perpetual
Apparently this one gave a cracker of a "Sell" signal from a charting package/system recently and at times I was tempted to have the stock temporarily halted so I could have a breather and some time to organise my buying as I was wearing it from every direction. As I have stated quite openly in my articles my care factor in relation to technical analysis is zero and I may have been stopped out of a large number of winners I have achieved thus far if I was playing them on technicals. I am disciplined in some aspects, however I treat the speculative market as psychological warfare as opposed to being an exact science. I respect the roles both chartists and short-term traders play as they rely on what they believe in, whilst I would prefer to take the slow road that consists of countless hours of fundamental research and flying around the world to attend mining conferences.
** Patersons Securities were lead manager to a placement in Integra Mining at 6.5c per share that raised $1.87m. They were paid a fee for this service. I have direct and indirect holdings in Integra Mining and have purchased stock between 6.4c and 7.9c per share.