some ramblings

Before I start, Enoch – my comment regarding new dimension is referencing JA in response to a question about the next steps for IVR. Read into that what you will.

I have been truly perplexed by the last week of activity with IVR. I can not believe we are at current SP levels given the staggering results from earlier this year. Since the original monster hit highlighted by the “Good Doctor” last year we have had news flow fairly consistently. Re-reading the price sensitive ANNs and Investor presos again over the weekend, I would say that 90% of these have been remarkably positive (if you take into account my rose-tinted spectacles maybe 80% have been positive).

What has the SP done during this time? Drift down from the highs and languish at levels unreflective of what we have found or indeed versus similar sized companies. From memory, Chiefy mentioned SRI last week and that is a great example highlighting the ridiculous nature of our current SP. I invested in SRI for years and saw the price fluctuate massively during that time - most spikes were in anticipation of another drilling campaign (and trust me there were lots) finally hitting something substantial with some notable grade. To varying degrees, SRI disappointed every time and the inevitable sell off followed. Whilst SRI has been somewhat of a victim to the wider macro-economic climate (and I still think it is a business which could get there) the fact it is valued in a similar range to IVR is laughable.

We haven’t had the same neurotic fluctuations with IVR - we have had fantastic results building upon the initial discovery and yet where has the SP gone? Down.

I even viewed the recent CR as positive – how many junior explorers have $15million in the bank account? None that I know of. Yet where has the SP gone since the CR? Down.

Then, we get an ANN last week which was a non-event. What was included needed to be relayed to the market at some point but did it need to be announced in isolation? Was the information contained within the results such that JA/IVR could be accused of non-disclosure? Could JA have waited and included the results alongside Assays from the Central Feeder Zone or similar? It’s a borderline call in my book. Where has the SP gone since this highly suspicious ANN? You guessed it – down.

Now, for a while I have been lambasting most who criticise JA and have been entirely dismissive of the conspiracy theories re: a TO but I am becoming sceptical. Even set against the backdrop of a bearish market, the price action is not reflective of our resource, landholdings and potential. That isn’t an opinion, that is a fact.

I have Broker mates at DJs and Bell Potter – good guys who know their onions in the resource space. DJs and Bells (previously Southern Cross) have traditionally been strong in the speccie resource stocks (some may argue this point) but they generally have their finger on the pulse. None of them have been approached by IVR and none of them know who are ‘representing’ IVR in the market. Isn’t this a bit odd? I’m constantly being spruiked SYR and every other explorer in Doolagunna and yet the ‘best silver discovery in years on the ASX’ is largely unknown. Why? Is JA dismissing the importance of Brokers or does he feel BRR, the odd jolly to Noosa and a random interview with RS are enough? Or, is it a deliberate ploy to keep us under the radar? Either way, it’s not positive and the latter option would add fuel to the fire that a TO and some dastardly deeds are happening in the background.

I said a few months ago that post CR we would see the true colours of JA/IVR and my view hasn’t changed on this. I also said I would give him until the end of the year before judgment – that view is waning somewhat. JA needs to step up to the plate quickly otherwise the recent down, down, down trend can only point to 2 things 1) incompetence or 2) the retail investors are being shafted.

As things stand, I have 20k sitting idily in my bank account and for the first time in months, it won't be going in IVR.

Watching and waiting for next results. In my opinion, the results from the CFZ will make or break the SP for 2012.