Thanks FredoHowever, I have a small admission to make. My back...

Thanks Fredo

However, I have a small admission to make. My back of the envelope number crunching fell a little short.

The calculation at a gold price of $AUS1350 (which was recently achieved, although it has slipped back since) represents a rise over the company's base case of $400 additional profit per ounce and not $300. This equates to $2 per share of additional value instead of the $1.50 I previously quoted.

That is an extra 50 cents or 1 chocolate freddo frog per share. Fredo, mate, you would have to be happy with that!

And as Chris Cairns reads Hot Copper, he would now be aware that there are funding mechanisms available as per the Apex Minerals example (although I would be avoiding dealing with the likes of Goldman Sachs like the plague, or JP Morgan for that matter. They are parasites at best and have cannibalised the industry by enforcing disastorous hedging programs on small developers back in the early 2000's - those practices have all but killed the industry and have assisted the bigger companies to swallow up the smaller ones as re-payment of hedges was not possible with a flat gold price and sharply increasd mining costs). He would also be aware that the best policy in the current volatile environment would be stick to the game plan.

ie. Conserve cash as much as possible while prudently developing the company's resources until such time as the gold price breaks free of its shackles and heads violently Northwards.

By then, every man and his dog will be falling overthemselves for a piece of the action and happy to lend their support to fast tracking a company like IGR that is poised for strong production.

IMHO, the biggest problem management will face going forward will be defending the company from opportunistic take over, especially at the current ridiculous levels.

Cheers
Nev