Integra Mining (IGR) 7.5c (mkt cap app $9m* 730,000 ounces with...

Integra Mining (IGR) 7.5c (mkt cap app $9m

* 730,000 ounces with an EV ($12( well below the industry average of $41. It is likely that this global resource base will increase into the end of CY 2005.
The grade of 2.6 g/t-2/8 g/t is well above a number of other gold projects whose grades range from 1.4 g/t-2.2 g/t. IGR could possess a base of 1m ounces by the end of 2005 and at current prices they would have to increase three-fold to move in line with industry market caps.

* Olympic Dam style target (copper-gold-uranium) in SA. Due to drill rig delays this may be pushed out, however with the potential for PACE funding the cost to IGR for such target could be under $100,000.

* Chris Cairns has a track record of moving projects into production (Thunderbox and Sino Gold) and has the potential to become one of the most influencial rising stars in the Australian gold industry. Whilst he may shun the limelight and does not want to be in HOTT when seen on a Transperth Bus (Twiggy), he is one to watch over the next 3-5 years.
Consolidation results from relationship building and not issuing copious amounts of paper for C grade exploration projects.

* With the Australian Gold Industry in crisis it is likely investors will look for strength and quality projects ahead of tired potential recovery stories. IGR is relatively unknown and many would only know of Chris Cairns in terms of his big hitting in one day matches for NZ.

* Overseas roadshow was deemed a major success and in-line with the resource managers strategy one would expect an influx of buying once the shares gained momentum.

* The shares are tightly held with one advisor accounting for 26m of the 127m shares on issue. The advisor involved is a long-term supporter of junior miners and is most unlikely to trade out of the position in the short/medium term.

Malachite Resources (MAR) 11c (mkt cap app $6m)

* Have recently announced a gold discovery at Phoenix that could host 500,000oz gold/antimony similar to SRL's Hillgrove deposit. (NSW)

* The shares have been under pressure from one resource fund who could have liquidated in excess of 2m shares into the positive news. This tempered any hints of a rally towards previous highs of 28c.

* Drilling is due to commence shortly at Mt Ramsay (tin in Tasmania). The target was a result of EM airbornes from the Tasmanian Govt with every other similar structure in the region hosting a tin mine.

* MAR's upside in a silver rally is likely to come from two joint ventures with Macmin Silver at Boonoo Boonoo and Rivertree. MMN possesses an unrivalled profile in the Australian Silver sector and one would expect MAR to benefit from having a much tighter capital structure.

* Major shareholders are BHP, Straits Resources and Macmin Silver and the register is tight.

* Nowhere near as liquid as Macmin and it is likely that the money flow will initially move into Macmin until MAR can attain a profile with overseas investors.