outstanding quarterly ... cash costs $529/oz

"During the Quarter, commissioning of the Randalls Gold Project continued with 168,814 tonnes of ore processed at a grade of 3.06 g/t gold. Gold produced was 15,587 ounces at a cash cost excluding royalties of $529/oz - this well below feasibility study mine life estimate of $574/oz and materially below the project commissioning forecast of $633/oz for this period. Unusually for a project commissioning, the operation was cashflow positive...Gold sales during the Quarter were 13,282 ounces at an average realised price of $1392 per ounce."

Comment: IGR after just three months of mining is now already one of the lowest cash cost gold mining companies in Australia.

I think it's fair to say that cash costs will drop below $500 an ounce as IGR tell us that "Cash costs expected to fall further as ore grades and metallurgical recoveries improve."

It's also worth noting that IGR has a "600,000 tonne ROM stockpile ... for which mining costs have already been paid."

Irrespective of short term moves in the share price, up or down, this has been an outstanding first quarter of gold production from IGR. As a result it is fair to say imo that project risk is now negligible. The expected gold is there, the expected grade is there and the gold is able to be produced at a low cost.

All investors in IGR ought to give ourselves a big pat on the back for investing in this outstanding gold junior that has successfully made the transition from explorer to low cost gold miner.

As IGR continues with what it is doing - mining gold and exploring for gold - and as this gold bull develops it will be blue sky onwards and upwards from here for IGR imo.

(All quotes from IGR's quarterly released today.)