IPM Top Six puzzlements, in my opinion:
1) "International Precious Metals Corporation (IPM) announced today that, based on successful bench scale tests for gold and platinum, it has begun a scaled up pilot plant test program. - from Dec 19, 1996 press release."
"...the recovery method is considered by Bateman to be non-commercial..." - From the Q and A at the IPM website.
Like, couldn't IPM have hired Bateman early on to evaluate the economics of this method? Yes,confidentiality is important, but you're going to have to get it verified sooner or later. They could have saved us all a lot of time, effort, money and hair loss.
2) "To a company full of scientists, there is always something just out of sight, waiting to be discovered." - From IPM's Persistence of Vision brochure, 1997.
"...the recovery method is considered by Bateman to be non-commercial..." - From the Q and A at the IPM website.
3) "Yes, after I investigated and became familiar with IPM in the first couple months of 1997 and with my knowledge of the work I did with BD in 1994 and 1995, I bought my first shares in March." - 1997 RSA Interview with Dr. Sam Shaw.
The stock price ranged in price from about $7 to $14 during March, 1997. The stock now trades around $2.
4) "I knew just two tasks were needed, an economical extraction method and an assay method needed to evaluate the resource, we are there now with these two tasks." - 1997 RSA Interview with Dr. Sam Shaw.
"...the recovery method is considered by Bateman to be non-commercial..." - From the Q and A at the IPM website.
"Unfortunately during the following 2 months we and other independent labs were unable to duplicate the assay methodology, thus it failed to live up to the 'due diligence' by IPM. The procedure was therefore abandoned and the purchase agreement with AuRIC cancelled." - November 14, 1997 message to Frank from Lee Furlong, distributed by RSA.
5) "The assay of the same samples was done at least two times to confirm consistency and repeatability of results...The development of a standard fire assay from head grade samples represents a major breakthrough in IPM's efforts at proving the existence, and recoverability, of mineralization from Black Rock material." - From the June 24, 1997 press release.
"Unfortunately during the following 2 months we and other independent labs were unable to duplicate the assay methodology, thus it failed to live up to the 'due diligence' by IPM. The procedure was therefore abandoned and the purchase agreement with AuRIC cancelled." - November 14, 1997 message to Frank from Lee Furlong, distributed by RSA
6) "The program to develop the mining and recovery of precious metals from Black Rock ore will be a multi-phased multi-tasked effort. It will be directed by IPM and supported by Bateman Engineering utilizing their resources, contract test work facilities and specialty process engineers. As part of this program Bateman will also be providing the expertise to assist in the development of a cost-effective process to extract metals. The company estimates that the Development Program will take between twelve to eighteen months. Its objectives are to determine the grade, scale and economics of the project and produce a full feasibility document with a view to taking Black Rock into production." - From the November 14, 1997 press release.
"With the information in hand, management will proceed to now test the more than 30 recovery methods immediately available to determine which one might be best." - From the November 14, 1997 message to Frank from Lee Furlong.
"The association with Bateman Engineering should assure shareholders of a thorough evaluation of all available technologies from North America and abroad to help determine the most efficient and economic methodology that can be applied to Black Rock." - From the Q & A on the website.
The company esimates it will only take 12 to 18 months to evaluate the 30+ recovery methods immediately available to determine which one might be best. Like, why then did IPM take almost a year to evaluate the last recovery process to determine that it wasn't an efficient and economic methodology? Gee, maybe it will take 30+ years to evaluate the rest of them? |
