International Precious Metals (IPMCF) Message Board

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Gold/Mining/Energy : International Precious Metals (IPMCF)

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To: Daniel M. Whipple who wrote (336)	11/5/1996 10:00:00 AM
From: C L	of 35569

IPM released news this morning about a small private placement. They raised 2.2 Mil. $ U S to clean up a debenture to Phoenix International. P I is the vendor of the BRX property. IPM actually owed them the money for a land payment as of Sept. '95. IPM did not have the cash in '95 so they gave them a debenture(promissory note). They will give Phoenix a check to retire the debenture. The placement stock is being taken by institutional investors. The news release further states that the test programs are nearing completion. Test work includes: Gravity Concentration Bulk Scale Floatation Bulk Scale Leach Amenability Selection of Final Fire Assay When the testing is finished, the co. will request that the results be corroborated by B. D., in writing. IPM will then start processing the samples from the July drill program. IPM has signed a 12 month contract extension with B. D. __________________________________________________ My comments: This cleans up the only major debt that the co. had. No one likes stock dilution, but this is for a definite and necessary expenditure. This is a good sized check and shows that management believes in the project and their ability to bring the mine on line. It also shows strong belief on the funds part, to lay out this kind of bucks. I would assume since the co. discusses the testing, that things are going along all right on that front. Perhaps it won't be long before we find out what the source rock contains. The actual release may be viewed at the co. web-site: www.ipmcf.com C L

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