IGR - worth a better look

**Volcano** · 02-05-2005, 10:06 PM

Only 10million market cap

Interesting director...

Christopher John Cairns B.Sc(Hons)
Managing Director
Chris Cairns’ exploration experience commenced in the oil and gas industry in Canada before completing a BSc in Geology from University of Canberra. He did contract work for CRA Research in Canberra and the Yilgarn Province of WA before completing a First Class Honours degree in 1992. Mr Cairns joined BHP Minerals in 1993 where he initially supervised gold exploration in North Queensland and later acted as a geochemist for eastern Australia before moving to Manila as Supervising Geologist and establishing the BHP Minerals Philippine Copper / Gold exploration unit in 1995. In 1997, he joined Aurora Gold’s epithermal gold / silver Mt Muro operation and was appointed Exploration Manager in 1998. In 2000, he joined LionOre as Supervising Geologist responsible for the Thunderbox Gold Mine feasibility drilling programme and then pre-development drilling and orebody re-interpretation for the Emily Anne Nickel Mine. Mr Cairns then joined Sino Gold and was appointed Geology Manager in 2003. He has had primary responsibility for design and execution of the Jinfeng Gold Deposit BFS technical programmes including deposit interpretation and mineral resources estimation. Mr Cairns has extensive drilling and project management experience in progressing gold projects from exploration to development.

http://www.gold-eagle.com/gold_diges...tro042605.html

MY COURSE OF ACTION AS A GOLD BULL

For those doubting their stance as a gold bull or in need of gentle reminder I would suggest taking a vitamin B supplement (the fizzy variety) on a daily basis and apart from the odd Friday night slip up after a heavy night there should be plenty of gold to go around. I see the current malaise in the Australian Gold Sector as providing a rare opportunity to accumulate major holdings in those companies I feel will lead the sector out of one of its darkest periods.

Over the course of this year I have purchased for clients and myself an 18% stake in the emerging gold company Integra Mining (IGR) (www.integramining.com.au) that closed today at 8c. Our purchase price has varied between 6.2c and 8.6c, however I am not terribly concerned with averages sub 10c and am happy to continue to build on our stake where possible. Based on the following I believe this one could be the rising star in a sector that is in terrible need of a shining light,

Resource base currently around 730,000 ounces with an EV of around $12 per resource ounce in comparison with a sector average of $40. (Resource ounces/market capitalisation= EV)
Major projects 130km East of Kalgoorlie in a highly prospective and under explored region of the Eastern Goldfields
The company is aggressively exploring at Aldiss and considers some areas have the potential to deliver a major gold discovery. (Results from early stages expected shortly)
The projects offer the potential for higher-grade hits combined with visible quartz veins towards the South
The company possesses an Olympic Dam target at Borthanna in South Australia (Copper-Gold-Uranium) where there has been no value assigned to the project.
The Managing Director resume is impressive in terms of his work at Thunderbox (2m ounces) and with Sino Gold in China. Whilst it is still early days I believe that he has the expertise and the ambition to see this company develop into a Top 10 Australian Producer over the medium-term
The company is lacking a profile amongst local gold investors, however I find that the best advertisement is an ASX announcement as opposed to spending large amounts on glossy advertising. The other critical aspect missing is sentiment, however one only has to look back towards the great gold runs of 1978-1980 and even 1985-1987 to realise that once the cycle turns from "greed" to the "fear of missing out" overvaluation becomes the norm. It should be remembered that Bre-X was in 1996/1997 not 1896/1897. Fear is temporary, greed is perpetual
Apparently this one gave a cracker of

**cdchi1** · 02-05-2005, 10:20 PM

Hi Volcanoman

Glad someone else is following this stock

I happen to be one of those clients of TL, a great broker who focusses on small mining companies...he's no geologist, but its not all about knowing which rocks are which...networks and logical thinking are key requisites in playing the small miners game imo.

I thought I'd post this earlier post (below) I did on IGR in this thread...and delete the old one...hopefully we can get some discussion going on it (and people looking at the company, as it has a big future imo).

For the record the last sentence of the post still applies, ie I am still buying (generally sub 7c if i can).

>>>From an earlier posts of mine:

Gidday KIWIs,

Why are you not buying this company, Chris Cairns is the Managing Director after all OK might not be the cricket player himself, but if cricket was a sport played by mining company directors this guy would probably be an opening batsman!

Anyway enough ramping to Kiwis, who have probably already got their bids in as soon as they saw that name (suspicious lot).

IGR, what can i say. $8 million market capitalisation with around 700,000 oz of gold (as of a couple days ago). IGR used to be Relode, a company which wasnt going anywhere fast with Wayne Dimech in control....but the old oilie is out and Chris is now running things...check out Chris's history with Dalrymple (eventually taken over by Lion Ore). Add Geoff Davis as chairman to the mix (GD is MD of Medusa and one of the industry's heavyweights!)

Only two weeks ago, IGR only had oh 450,000oz of gold at Aldiss...around half of that was accessible by open cut, and a scoping study had shown it to be economical, albeit at slightly higher AUD gold price. Unfortuantely (or fortuatnely depending which way you look at it), IGR decided the financial results of the half resource was not good enough 'just yet'.

So what have they done? They've gone and bought Randalls (see www.solomonresources.ca). Why Randalls? Well its not far from Aldiss, and its mineralogy is pretty much the same, ie it can complement the Aldiss project by providing additional feed.

So is it now marchig towards production? Admittedly not jsut yet...IGR will need to confirm the Randalls project resource...and it will also want to get as much resource at Aldiss proven up. As today's ann suggests, drilling has started in a big way. So keep an eye out for gold results.

The work is not finished by a long shot, IGR has to confirm its resources, show it has access to infrastructure etc...not an easy job. But with Chris at the helm, i reckon they've got a better chance than most junior goldies out there.

For the record, I met Chris Cairns at the RIU explorers conference and apart from being a top bloke, I can guarantee he is not the cricket player but he will be hitting a few sixed with IGR imo.

I have bought heaps recently incl thru placement so please be aware that I am extremely biased!!! I am also still buying.

Cdchi1

**Greyhound** · 03-05-2005, 02:35 PM

Ok boys,well ramped.I'm giving it ago.I'll send you both a beer voucher if I become rich.[8D]

**Volcano** · 04-05-2005, 12:31 AM

Don't forget the olympic dam magnetically similar drilling occuring this quarter, though I'm happy enough with some proven gold reserves.

Could really move if some others take interest in this one, really bottom levels at present, and some great managment, Chris was part of LON previously and had some connection to the thunderbox

**cdchi1** · 04-05-2005, 06:00 PM

Not IF but WHEN.

Course assuming you bought enough!

Cdchi1

quote:Originally posted by Greyhound

Ok boys,well ramped.I'm giving it ago.I'll send you both a beer voucher if I become rich.[8D]

**Volcano** · 10-05-2005, 12:39 PM

I prefer penfolds, can you offer that instead?

**cdchi1** · 05-11-2005, 11:39 AM

Well its up over 50% since volcanoman and i posted on this in May. And thats despite a large placement at 8c.

And 50% is just the start.

Since then we have had a resource upgrade from 450G non-JORC oz to around 1.1 mill JORC oz.

If you want a gold stock, this is the one to be in (or DOM if you want a producer), read my posts above for more info.

Please note i am extremely biased as this now forms a VERY significant part of my portfolio.

Cdchi1