gold production back on track ...

Firstly, of course I'm not happy with the timing of this placement and so the low issue price. IGR had all this year to raise $25 million by issuing less shares at a much higher share price. Compare with for example NST, which raised $50 million placing shares at 90 cents earlier this year.

However, some time ago I estimated that IGR would be significantly below budgeted cash flow as a result of the poor June quarter, so the share placement didn't exactly take me by surprise.

However, in all the heat and emotion following IGR's ASX announcement today, "Oversubscribed $25 Million Raising" some folks may have missed the following significant sentence which was right at the end:

"We are pleased that the recent repairs made to the crusher have been successful, with operations back to normal production levels.”

Which makes the 29 cents issue price look like very good value to me and so I have been busy accumulating more IGR on market today.

No emotion involved for me. Just calmly accumulating what I see as "value."

IGR may fall lower. But that is neither here nor there for me as I am not short term trading, don't try and time my purchases to the exact half cent, and purchase what I believe is "value" irrespective of what "the market" might think.