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Global Platinum + Gold, Inc.
OTCBB: GPGI
September 28, 1999
Progress Report
For the past number of weeks, Global has been engaged in developing and testing a new leach and precipitation method. The assays of the leach precipitate show significant amounts of gold, platinum, palladium and rhodium. As of this date, Global has stockpiled approximately 60 pounds of dried precipitate that we originally intended to ship to Sabin Metal Inc. for refining. However, prior to any shipment being made, we were invited by a high-tech company that engages in the business of recovering precious metals from leach solutions to have them analyze our leach solutions. The preliminary results of this analysis have been extraordinary. This company has been able to recover 98% of the rhodium and 96% of the platinum from our samples, and were consistent with our own laboratory assays. Global has executed a mutual Non-Disclosure Agreement with this company and so we are unable to identify this company, or their process, until such time it is appropriate to issue a joint press release when contracts have been signed. Global is pleased to indicate however, that representatives from this company plan to visit our plant in Arizona this week for the purpose of determining what equipment we may need to immediately install their system on a small trial basis. They have agreed to design and assist in the installation of a smaller plant and also design a fully automated larger facility. Global anticipates that we will have a hard quote for both facilities within the next couple of weeks.
Global considers these preliminary negotiations and results obtained to date to be a major step forward in solving the problems associated with recovery of the precious metals from our leach solutions. Preliminary indications are that once the leach solutions have been processed through this system, we end up with a product that can be sold directly to the end user without any significant further need for refining.
Shareholders should also be aware that Global shipped to Sabin Metals Inc. a few weeks ago the remainder of its anode slimes consisting of approximately 160 pounds. Global intends however, to retain its present inventory of dried precipitate and recover the precious metals therefrom using this new recovery process. We cannot presently give you a firm date as to when this smaller plant will be operating, but will provide this information as soon as it becomes available. During this interim period, it is Global's intention to continue to produce additional leach precipitate on a daily basis.
On a different subject, please be advised that Global's application for an Aquifer Protection Permit is proceeding on a timely basis. Stantec Consulting, Inc. of Phoenix, AZ is handling on our behalf the permitting process and indicates they will file the same on a timely basis.
Global Platinum + Gold, Inc.
Management appreciates your patience and you can be assured we are doing everything we can to bring Global into full production as quickly as possible. In light of these new developments, you may expect periodic updates as material developments occur.
Very truly yours,
Board of Directors
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