Dentons - CC's conservative approach has possibly prevented this...

Dentons - CC's conservative approach has possibly prevented this company from becoming a wreck by the GFC highway. Had Maxwells development commenced there would have been little funding for a discovery like salt creek and the development would have been going on right in the thick of the GFC when any kind of delays or dissappointments that would have required additional capital to complete the development would have been met with a bleak response from the market. If capital were to be succesfully raised during that time it would have involved very significant dilution. CC has timed his capital raisings pretty well when it comes to matching it to IGR price strength and gold price strength.

Nobody could have predicated the discovery of salt creek - but the fact that they found it has justified the approach they've taken and salt creek on its own is a first class project. Maxwells is now also showing itself to be a very strong standalone project (as was always suspected given the earlier PFS's just on Maxwells alone). Many of their other deposits also have very good discovery and growth potential.

The delay has caused dilution, but the ramp up capability of IGR is now significant because they have such a good quality inventory of resources to exploit - and with the high quality of the projects (high grade, low strip etc.) the capital inflows (assuming gold price remains reasonably strong) will be large enabling immediate direction of funds to expansion and ongoing exploration.

Just like CC said in his 'old bull/young bull' slide a few years back - lets not just build a gold mine, lets build a strong gold mining business. IGR is very well positioned to become a strong gold mining business.