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Gold/Mining/Energy : International Precious Metals (IPMCF)
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To: Zeev Hed who wrote (2364)2/15/1997 9:44:00 AM
From: Karl Zetmeir   of 35569
 
I'm at a bit of a loss regarding your logic.

If it takes 50-200MM to build a facility (quite a spread!), you're suggesting they need to issue an additional 20MM shares. Presumably, then, these shares would be sold at $2.50 to $10/share ... then are suddenly worth $500/share to get your market cap of 20 bil?

First, I question your cost of building a facility but will plead ignorant and agree you have far more experience in this area. However, since there is only 6' of overburden, I have to think this site is inherently a low cost producer.

Secondly, I suggest you need to review Le Furlong's track record of being involved with mines from exploration to production. I beleive there are 7 mines on his resume.

Thirdly, I don't think scamsters invite a crowd of VIP's to witness a world class engineering firm make fools of themselves and at the same time set the day and hour of their own hanging which would occur with the zero results of the recovery from the lab.

I've been to Phoenix, met with Mgmt., visited their own lab and went to the desert to kick some dirt around. I came away convinced that if this is a scam ... it's a damn elaborate one. And, if it's a scam, it's so well constructed, the guys running it certainly aren't incompetent.

I'm sure the elite group in Phoenix this week will ask far more penetrating questions than I did. I'm looking forward to their analyses based on their DD.
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