khetri, page-5

This email was recieved in Feb this year, showing when they planned on being CF positive:

"Hi Tester

In many respects this is an issue whose time is passed; Monarch has already started paying back the loan according to the agreed schedule; IRL will have all its money back in around 6 weeks time; and we will take on board shareholders comments before making any future loans.

On the positive side of things there are people who have sold out of IRL (and Monarch), and IRLs share price is low by any standards. IRL is targeting May 2008 to be cash positive out of revenues from the Surda copper project. This represents a significant buy opportunity for investors who understand the potential.

When we started IRL in August 2006 there was no way did we think we would have a producing copper mine by December 2007. Ask yourself how many other mining identities other than Michael Kiernan could have achieved that?

Regards
Eoin Rothery
Managing Director
India Resources Limited"