Upon further reading, a few more comments.

Even using $1500 Au, the IRR only rises to about 12% on slide 11.  Hard to get $1.6 Billion in financing with an IRR of only 12%.  Now it makes sense why I was hearing that some shareholders wanted to sell the company instead of finance the mine.

Slide 12.  Ah, I see you have a more accurate number for Osisko's cap ex of $980 million.  Higher than my $800 million comment yesterday.  So they had cost over runs of over 20% from their original Cap Ex estimate.  That could be crippling if it happend to a $1.6 Billion CapEx.  Just ask the fine folks at Baja Mining what that is like.

Slide 15.  Hmmm, your fact sheet mentions .55 and .50 Au g/t for M&I and Inferred, yet here, your corporate presentation slide shows an average grade of approximately 0.84 g/t Au.  Which is it?  .55 or .84?  $14 per ounce of gold?  If I recall correctly, NKL's equivalent gold ounces had a value of about $4/oz.  Assuming I'm remembering NKL's number correctly, and both companies having $30billion to $50 billion in metal resources, it would seem that your $14/oz Au number is high. - based on their current market caps.

Slide 16.  I do like that '20th largest undeveloped gold deposit in the world statement'.

Slide 18.  I see you have a handfull of analysts covering your company.  What sort of target prices do they have on the stock?  The two NKL analysts I referred to in my last post, Mackie and Northern Securities, have $7.50 and $6.50 targets for NKL - which closed today at $2.21.  And NKL was up 7.8%, which pales compared to ITH's 11.9% gain on the day.  I guess NKL just became 3% more of a bargain compared to ITH today.

Anyway, good luck ITH longs.  I wish you well on your CEO search.

Peace