this does not smell right, page-29

Was not going to post further, but this has got silly. And whoever thinks hal knows what he's talking about in this instance should consider reading on finance and mining share valuation basics.

Starts with hal claiming:

**"Value of SP at completion of BFS is notionally calculated as follows
Gold oz (reserve) x multiply by gold price per oz ($2,000-$2,200)divided by shares on issue

Say @ $2,000oz
900,000oz x $2,000 = $1,800,000,000 divided by shares on issue (say) 700,000,000 = 2.57 per share"**

This is rubbish and would like anyone to show an example. Hal's example bore no resemblance to his original assertion...

**"Here’s a practical example with RRL, a producing miner
Market cap = 2,500,000,000
Shares on issue = 454,000,000
$2,500,000,000 ÷ 454,000,0000 = $5.50 (notional share price)
RRL's actual share price COB 26/09/2012 was $5.46"**

Where's the resource hal? Where's the gold price? All you've done is tell us that SP is a function of market capital and shares on issue, lol.

You started off by saying SP is a function of JORC and gold price, with no expenses, risk, interest taken into consideration, apparently because you believe the silver will cover all these costs. Anyone out there who doesn't understand how wide of the mark this is, is lucky to be invested in IDC, because they should keep well away from the rest of the mining sector.

So this reply of hal to someone trying to apply some basics was totally uncalled for and gotta love "silver would give the gold a free ride about 'basic finance'", too funny.

hal says to mjp2: **"I don't want to publicly call you and idiot but you left out the context in which the statement was used, prefixed by the word "notional".

Why "notional" mjp@???

Why would I qualify that comment?

("Gee, I just don't know" he replied)

With all due respect, d**b***e, the context was that the silver would give the gold a free ride about "basic finance".

Try pulling your head in next time you want to blurt out an opinion without actually understanding the context of the exchange your commenting on."**

Way out of line hal IMO. Guys, if you don't understand this stuff, say so but pls don't cheer lead reckless posts. We don't need it.

Can also advise after my phone call late today to one of the IDC managers that if we don't get PFS tomorrow, it will be pre open Tuesday.

I should have advised on hal's formula - office would have been laughing in the isles so much, would have told me anything I asked!

Best of luck all holders including hal.