re: plough low grade I think we need to take into account the...

re: plough low grade I think we need to take into account the scoping study done earlier this year, which showed that on a 250G oz (approx) open pit resource, the project would have a net positive cash flow of around 15 million.

Obviously this is a pretty small amount, however, that was PRE Randalls acquisition, and PRE resource upgrade.

I would expect that the current 'open pittable' resource that will eventually be converted to reserve would be around the 350G oz mark (conservatively). Thats almost enough for the first objective of 75G oz per year for 5 years

I suppose the negative consideration would be the rising mining costs, ie oil, labour costs, which would impact on the scoping study results however the addition of Randalls and the resource upgrade should easily more than account for that.

Obviously a scoping study is not a definitive report and a bankable FS will pick up extra costs (or possibly lower costs) that were not accurately reported in the SS, however, I think people should seriously take into consideration the expertise Chris Cairns brings to IGR. This guy is no fly by the night wannabe, he's here to turn IGR into something big...and in my opinion, there is more chance that he will rather than not.

Plough, I also suggest you read carefully the Chairman's report (which i feel was written primarily by Chris) which will give strong hints about what Chris is trying to achieve. Clearly their strategy is to build up resources to a point where the current shareprice will be ludicrous (which it is already imo).

There is so much potential in the area they are working in...

The point I've been trying to make in previous posts is that there are many many mines currently being run profitably at sub 3g/t (and im not talking about only those run by listed companies) and although not every mine is alike, for what it has the market cap is undervalued comparatively. Compare its resources to those of other listed ASX companies at the same stage as IGR (and with the same grade)...you will see what I mean.

Admittedly, market cap has increased due to recent placements, but those placements have given the company almost 3 million, which will be used aggressively to increase resources.

I think it is also important to consider why Polymetals would take up a placement. Polymetals is a privately owned profitable mining company. Read between the lines, I will not speculate, but i think my thoughts are pretty close to the mark.

I am catching up with Chris in Perth next week, I will address some of these concerns with him, as well as down several Asahi beers.

Cdchi1

PS: more than happy to correspond by email with anyone regarding this stock on [email protected] though please note i'll be interstate all week next week.