Ann: Positive metallurgical results from Richmond Vanadium Projec, page-144

sobar, that whole area is seeing a stampede of companies looking to lock up as much ground as possible. Around our project. Now why would they be doing that if there was no confidence in being able to get the Vanadium / Molybdenum etc out profitably?

I look at the opportunity as one whereby IRC will be the eventual minor partner in an enterprise that will deliver a steady and ongoing revenue stream that will fund the companies activities in the gold sector. We are not there yet obviously, but the big shareholders are thinking big on the future of IRC and my understanding is they will not countenance a takeover of IRC at any price under 50 cents a share.