IRC

[JBmurc]

May 2018:-
“The mining we completed at the Teal gold mine was very successful in meeting all its Feasibility Study parameters, resulting us sitting on a bank balance of around $10 million.
“That allows us to go and spend $4 million on a drilling program of 55,000 metres, a program that is huge
for a company our size.”

“The drilling program is split 50 per cent looking for new discoveries and fifty per cent growing the Resource over the one million ounce mark.
“For us that converts to around 400,0000 ounces in Reserves providing four years producing 100,000 ounces
per year,”

“Our business model remains pretty simple
—
to grow into being a mid-tier gold producer, then if we
get taken over on the way and all our shareholders make money, so be it,
that’s all well and good and we’ll go out and do it all over again.
“The recent industry vanadium interest has raised the profile of our Joint Venture
— suddenly everybody wants to know what we have and how we can bring it to commercial
production.”

https://www.intermin.com.au/wp-conte...ay2018-web.pdf

[JBmurc]

Only two more weeks till the end of the Qtr-to come

• Resource update from Teal project area
• Further drilling results from the 8,000m Binduli and 14,000m Anthill drilling programs
• Drilling results from extensional drilling at Goongarrie Lady
• Drilling at the Lilyvale vanadium project
• Resource update from the Anthill gold project
• Optimisation test work results from Richmond vanadium project area


As we know one of largest holders EGS is selling down their 1.5mill AUD in shares to pay off their creditor issues plaguing the poorly
run EGS...been a big drag on IRC SP and once gone should spike on the above anns to come

In talking with IRC-MD on friday looks like EGS have les than half to go (and is in talks with some bigger Buyers to take the position)

Also on my worries IRC would be a Takeover target like EXU has become and many other micro caps with low EV to assets JP is confident the Biggest holders which work right next door to his office in perth .. will not be interested sub 50c