Here's my attempt, cut and pasted offline:
TO IPM SHAREHOLDERS:
from Lee Furlong
MY VIEW FOR 1997
It is heartening to see the market's reaction to IPM's 19 December Press Release; a firming of the share price, no hysterics, and lots of investors correctly doing their 'due diligence'. The last thing I wanted to see was some wild market ride. The 19 December release was designed to inform shareholders, in a timely fashion, that IPM had made and is continuing to make, significant metallurgical advancements on BRX ore. Gold recovery with this advancement has increased by a factor of six times, as compared with analysis we reported in March of 1996. Besides metal in hand, confirmation from U.S. and Canadian laboratories convinced us that a metallurgical breakthrough had been achieved. So far, IPM has only reported gold values from the recovery work, but followers of IPM will recall that platinum and other precious metal assays have been reported by the Company during the past 3 years. The Company is in receipt of preliminary platinum group metal (PGM) assays, however, we will not report them publicly until IPM is convinced by the weight of the evidence (we being our toughest critics). It is probably true that the metallurgical advances now being realized at the BRX Property may engender an entirely new precious metal development and mining segment-changing the mining landscape (and mind-sets) forever. There is no more compelling argument to make this statement than being able to hold the recovered precious metals from BRX in your hand. Recovery work to date has concentrated upon 87.5 gram samples (3 assay tons) and 145.8 gram (5 assay tons) samples for a total in excess of 300 individual tests. As announced in the press release of 19 December up-scaling has begun with sample sizes beginning with 500 grams (1/2 kg) to 20 kg in the first 4 weeks, thence increasing to the pilot plant facility at 500 kg per test. Early assay returns from the initial scale-up tests show results comparable with those we have reported. The eight week recovery program should set the metallurgical recovery parameters required for full scale production. The 500 kg size pilot tests will likely continue for a few additional weeks to assure that the final metal product fits the purchasing refiners requirements. As I advised, an assay procedure is also the welcome outgrowth of the recovery advancement. This simple and quick assay procedure will enable the assay of more than the 3,000 sample backlog. From the completed resultant assays the final calculation of the value of the 1 sq/km grid (the measured resource)can be determined. Then progress with the drilling and assay of the other 5 grids, which have already been surveyed, will begin. This drill program will take most of 1997 to complete. At the same time, the design of the recovery plant will be firmed up, thence construction of the plant can be initiated and on site erection begun. Simultaneously, water permits and operating permits will be obtained and operating infrastructure installed. 1997 will be a
year of mine development.
HERE'S WHERE I SEE IPM BY THE END OF 1997:
- assays of platinum will be substantiated by independent labs. (reported early in the year)
- bulk samples up to 500 kg will be processed under the pilot recovery program
- preliminary sales of pilot plant product to refiners
- recovery plant designs firmed up
- initial 1 sq/km grid defined as a measured resource
- pre-feasibility work-up completed
- drilling, assay and resource definition programs continued
- final feasibility study confirming mining and recovery processes
- BRX site infrastructure established (connection of power, water, phone to site office and camp)
- Operating permit applications
- plant construction commenced
- necessary corporate infrastructure installed to manage the demands of development activity
- installation of initial plant and mining plan commenced at the BRX site
As I spend my Christmas Holiday with my family and friends, I extend my good wishes for a Joyous and Prosperous 1997 to you and yours. Lee Furlong |
