I agree, hats off to the management team for money management at it's best in these tough times. Looks like about 26 million when you throw in the extras they have tucked away. This next snippet will hit on that exactly.

Does anyone else read the "preamble" type stuff in the beginning of the MD&A, if so can someone explain what exactly they mean by this. Interesting reading when you do try and figure out what we may be worth?

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Overview of the Company’s Business

senior mining entity or, as an alternative, when one or more of such properties are brought into production, either by itself or through some form of a joint venture arrangement with a senior mining entity.

As the exploratory phase requires significant expenditures of cash, the survivability of a junior mining company is wholly dependent upon its cash reserves on hand or accessible from outside sources. Thus, the ability to acquire capital from the outside on favorable terms is fundamental to all junior mining companies. Different from senior mining, and most other production, companies, the only income which a junior mining company expects during this phase is the generally insignificant amount of interest earnings on any cash reserves which it might have.

This business model is reflected in its accounting statements. Applying generally accepted accounting standards, a junior mining company’s operating and balance sheet statements generally reflect two major financial categories. All direct expenditures for the acquisition and exploration of the mineral properties are treated as investments and accumulated as assets on the company’s balance sheet. All other expenses – generally defined as general and administrative expenses – are treated as current expenses (offset by any earned interest, etc.) and are accrued during this stage as an accumulating operating loss.

The worth of companies which produce a present or projected positive revenue stream is generally evaluated against that revenue stream. Since junior mining entities generally do not produce that revenue stream, their worth must be evaluated against the projected future net value, discounted back to the present, of the mineral reserves which are being explored and defined. The differences between these two distinct business models must be kept in mind in analyzing the data reflected in the financial statements of each model."

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Anyone care to make some guesses on "projected future net value"? LOL "discounted back to present" on the yet unknown mineral reserves?

Where's James Darcell when you need him? Micon? care to help us out here?

BTW did anyone ever read the earlier coverage of ISM as featured in the The Stock Mining Report November 07, 2006? Analyst Micheal R. Cooper. It was initiating coverage with the share price then at .90 cents and had a 12 month target of $5.30. It was good read and was similar in form and presentation to what Darcel produced a year later.

Conclusion

"Two deposits of mineralization (Langmuir No. 1 and No. 2) have been partially mined, and several occurrences of similar mineralization remain to be explored and developed. ISM’s drill programs and the geochemical and geophysical results indicate that this property has the potential to become a major mine. Other zones including mineralization along strike from Langmuir No. 1 and northeasterly mineralization along strike from Langmuir No. 2 deposit remain to be explored. ISM’s drilling program including 45 holes drilled to approximately 100 metre depth, we believe, has suggested a potential to take the inferred resource base to higher levels. ISM has developed significant value on the Langmuir properties by adhering to a low risk drilling strategy to solidify the mineral potential."