Panamax - I am not sure that IPT owns any of their own drills but it doesn't matter and I will tell you why. Impact's sister company is Energold. Energold is run by the same management that runs Impact and Energold is a substantial shareholder in Impact. Energold is a drilling services company and owns plenty of drills. So...there is no issue with availability of drilling equipment. Energold is a nice "picks and shovels" way to play the mining boom. I don't own it myself but I should probably take a harder look.

As for Impact staying good to their word, I absolutely agree. There are companies out there with CEO's that are smooth talkers and sexy stories but for my money, I prefer a meat and potatoes play that I can stick in the back of the drawer and not worry about it. I do own some high octane plays but those are usually one night (okay 2-6 month) stands. I've owned Impact for years and see no reason why I won't own it for more years to come.

The modern techniques they have been applying has created a database with almost 1300 old workings in it. It takes a long time to gather and assimilate all that data, but they are well along the way now and have built up a large pipeline that should enable them to expand their production and sustain it going forward.

I think you got a good entry at these levels, the market looks dicey but I like the way that the PMs and the juniors are holding up here. Fingers are crossed though anyway, just in case...

tsl