IRC

[JBmurc]

Financial Considerations and Upside Potential
Depending on what the JV delineates at Menzies, the ore could either be trucked and toll-treat at EGS'
Davyhurst plant or have its own plant at Menzies. IRC estimated the cost of having its own ~400ktpa hard
rock rated plant as ~$20m to $25m, so it is not justified at present, and a different size may be envisaged
by EGS when its Ida complex is included. But just how big could Menzies become? It has clearly become
forgotten. There are not many WA goldfields which had historic grades where 2oz/t to 5oz/t (~70g/t to
~170g/t) was common as visible gold in thick quartz, and I have never heard of a mine with an average
recovered grade of almost 100g/t, but yet both the aptly named Surprise and Surprise North that lay on
strike north of Selkirk did - and do not appear to have been looked at (or explored) since 1915!
Grade intersections were usually double digit, anything less than that was ignored as too low or
classified as "not typical Menzies". And despite its open-cuts typically being 50m to 100m deep and
~1moz extracted from the ~10km long goldfield, it has become forgotten. Perhaps it was also fueled by
~2.5g/t reported open-cut grades, whereas if they had been 3g/t to 4g/t, Menzies would have attracted
more interest. I recall Goldfields often stating that they wished they had gone underground at Menzies, but
didn't, & being intrigued as to why something that averaged 2.5g/t prompted such interest, (unless grades
were higher). Having now raised sufficient cash, IRC appears to be in a prime position to grow and
develop Teal and Goongarrie Lady, with the strategic JV with EGS enabling the development of the rest of
Goongarrie and Menzies (both shallowly drilled with many gaps and possibly overlooked geology).
Management
Board of Directors
Peter Hunt – Non-Executive Chairman (Non-exec director since inception, ie over 20 years). Peter is a Chartered
Accountant who holds and has held a number of directorships in listed and unlisted companies.
Peter Bilbe – Non-Executive Director since 2016. Peter is a mining engineer with over 40 years' experience in the
Australian and International mining industry at the operating, corporate and business level, with comprehensive
operational experience. Peter has held a number of senior positions and is currently Non-Exec Chairman of IGO.
Jon Price – Managing Director since 2016. Jon is a metallurgist and mineral economist with over 25 years'
experience in WA and overseas in all aspects of mining from finance, exploration, development and construction.
Jon was GM at Paddington and St Ives, and was the founding MD of Phoenix Gold.
Lorry Hughes - Executive Director (Business Development) since 2015. Lorry is a geologist with over 20 years'
experience and has held a number of senior management positions on mining and development projects with major
companies such as RIO and Barrick. Lorry was previously MD & CEO of South Boulder Mines Ltd
Bianca Taveira - Company Secretary since 2010 - Bianca has been providing administration and secretarial
services to many listed and unlisted public companies for 17 years.
Senior Management
David O'Farrell - Exploration Manager since 2012. David is a geologist with over 25 years' experience in all
aspects of exploration, development and mining in Australia and overseas, having worked on many operations and
projects.
Grant Haywood - Mining Manager since 2016. Grant is a mining engineer with over 25 years' experience in
underground and open-cut mining operations, having managed projects from feasibility study through to operations
mostly in the WA goldfields for junior and multi- national gold mining companies.
Chart of Intermin Resources Limited (September 2015 to September 2016) (Source : www.yahoo.com)
IRC's share price
broke out ahead of its
placement...
..and has drifted back,
with the market yet to
recognise its potential ..... 20c+ short term target

Analyst report--
http://www.intermin.com.au/wp/wp-con...irc19sep16.pdf


Disc-in today @10.5c will be looking to build a good size position over the rest of the year ....major fan of the MD -JP always keep holders in the loop,,,,think least 200-300% to be made year over next 12-16months
much like I just made from MKO