I understand where you come from however it had run up a little bit from around 50c from last week and as usual it was sell the news.Also the increased reserve estimate was pretty much in line with expectations so from a short term(intraday)perspective not surprising. However it finished very strongly with good volume which is always a good sign when breaking to new highs.Thats what pleases me the most.Anyway this is just the beginning as I have no doubt demand for IGR is only going to increase with smaller funds looking to get exposure to a pure Aussie gold stock that will be going into production in about a years time,plenty of cash in hand,and has so much upside with its aggressive drilling program.Not to mention further results to come from SC and RD.
$1 will come,when I don't know,but I wouldn't be surprised to see it there within 2 months.Its formed a great base at +/- 50c over the last 2 months and its move from 14.5-56c was a range of 41c.If you project that from 45c you get 86c or if you do a Fibonacci calculation of 161.8%(41*161.8%)then maybe $1.11 is possible.Who knows a lot depends on further good results from RD and SC and then there is Barrick which would just be cream on the top so to speak.If something good came from there then forget about Fibonacci projections!
Anyway I hold for the long term and I'm confident 2008 is going to be a really big year for IGR.
Tigerpen8
IGR Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
