latest bluebook entry, page-4

I agree IGO is one to hold and acquire on dips but also check out Titan, which has an even lower market cap but which is projected to generate cashflow of up to $30m from its Armstrong mine alone (first ore forecast for October) and - according to James Hamilton's figures in "Resource Stocks" magazine - could produce up to 15,000t per annum once the Zabel and McEwen mines are in production next year.

That's 15,000t x US$14,400 at current prices - a lot of revenue - and its costs/lb are projected to be 25% lower than IGO's, according to Warwick Grigor (respected mines analyst and director of FarEast Capital).

I keep kicking myself for withdrawing my 34 cent bid on IGO mid-2003 but console myself that I bought into Titan instead, a stock that has equal potential in my view but has yet to run as strongly as IGO.

I think both companies will enjoy enormous growth over the next two years and Grigor continues to rate IGO very highly.

I hold Titan so prospective investors should conduct their own independent research.

Good luck to holders of both companies.

Gupper