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Gold/Mining/Energy : Int'l Pursuit (T.IPJ)
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To: PR2501 who wrote (220)4/4/1997 2:15:00 AM
From: Ron Everest   of 835
 
I think that IPJ is playing it ultra safe. They appear to be diversifying outside of Indonesia due to the extreme delays in receiving the CoWs IMO to the very great detriment of the Indonesian Government's plans to improve their economy. The Indo govt is at great risk with their manipulation of the Bre-X situation. The mining sector will not trust the Indo's for a very long time unless they find ways to redeem their processes and if possible establish a degree of integrety.

IPJ is very well financed, I believe they have with DAYK merger some C$32mm. With the proposal to jv some of the Kalimantan properties, Jurassic, Sibau and Mahakam cash will be preserved and will become a very important element during the expected drought caused by the Bre-X fiasco.

IMO the Sebuluh fault has already proven to be highly prospective and IPJ will wait for the COWs before any news is released. They will likely IMO save their cash resources for development of Mongo lands, the Hinoba-an/Manlupo Phillipines properties and the Sebuluh Fault properties. The SF will likely only be developed IMO IF the Indonesian situation stabilizes and the Indo's honor their contracts. Obviously the Indos will have to earn a measure of trust after their blatant tinkering with Bre-X matters.

Best regards,
Ron E
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