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Their 28 April quarterly report indicates where IBR is heading:

Ø The Company’s combined resource base at its
Lichkvaz and Montemor Gold Projects exceeds 1.75
million ounces of contained gold equivalent.

Ø The Company is quickly moving towards gold
production with the re-commissioning of the
1.4million ounce high-grade Lichkvaz Gold Project
now well under way.

Ø The Company remains on track to commence gold
production at the Lichkvaz Gold Project in the second
half of 2006, at an initial annual rate of approximately
70,000 ounces of gold equivalent.

Ø Capital cost is expected to be minimal at
US$4million.
Ø Total cash operating costs are expected to be in the
sector’s lowest quartile, at approximately US$200/oz
gold equivalent.

Ø The pre-feasibility study on the Company's 610,000oz
Montemor Gold Project in Portugal is progressing
favourably. Initial results indicate the potential for a
robust gold project.

Ø Strong existing mining culture and operations in both
Armenia and Portugal

Ø Governments of both Armenia and Portugal
exceptionally supportive of the development of new
mining projects in their countries.

Ø The Company continues to aggressively advance all
four of its quality gold projects

Ø During the March quarter the Company completed the
placement of 17 million new ordinary shares at $0.60
per share to raise $10.2 million.

Ø Cash reserves at 31 March were $9.87million

Shares: 85.2 mill of which 14 mill are in escrow.
Not listed options: 10.85 mill.