schultz here is my email and the reply for all loyal holders to...

schultz here is my email and the reply for all loyal holders to see.

Dear Matt,
I am writing to you to express my extreme disappointment with the IBR share price. I have been a long term holder (over 1 year now) and have seen my capital deteriorate in value during a time of robust prices for Gold. My displeasure at the company taking the easy option of going for a placement with Paterson's clients has backfired in the extreme. By excluding loyal shareholders it would appear that we have a lot of new disgruntled shareholders who have little or no loyalty to the company and their projects. Is it these people who are selling?
The company is fast establishing a reputation for doing placements on every share price spike which cannot be good for encouraging people to become long term holders. The stock has plummeted from around 90c at the time of the last capital raising to 55c today.
In addition to that it appears that there are some major problems with bringing on production and that Patersons' clients have been given the benefit of that information with the loyal holders being left out of the loop again. The information flow has been poor, especially in these times where Uranium stocks are competing for your caital. Can you confirm that the project is or isn't suffering major delays and setbacks? And can you give us long term holders some hope for a brighter future in 2007?

Regards Andrew

Andrew,
I am also very disappointed in the current share price.
There has been very little selling coming from Patersons and they have been a strong net buyer of the stock since the placement.
Selling is coming from three shareholders that have been with the Company since IPO and who have also participated in the raisings we have done. These are shareholders that backed me and the Company when we were very much an unknown. +2 years ago.
This selling is nearly complete.
Please see our quarterly which will be released tomorrow for a full update on the Company. Otherwise we provided a number of updates prior to the Christmas New Year Period.
I am one of the major shareholders in Iberian and a founder of the Company. I believe the Company has a very bright future in 2007 and well beyond that.
No one has been given any inside information. This is not how I operate.
Once again thank you for your comments.
Please give me a call if you would like to discuss further.

Best regards,
Matt.