International Precious Metals (IPMCF) Message Board

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Gold/Mining/Energy : International Precious Metals (IPMCF)

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To: Claude Cormier who wrote (6491)	4/20/1997 8:08:00 PM
From: Randy Giese	of 35569

Claude, do you find anything unusual with the way IPM is progressing. If you look at their history, they have a habit of speaking positively about work programs and then not publishing results or abandoning them altogether. 1) FIRE ASSAY PROCEDURES Here is a quote from Lee Furlong. "I am pleased to report that we have made the breakthroughs we had expected to make. On the fire assay front IPM has developed two and possibly three fire assay procedures that recover weighable gold prills. Selection of IPM's preferred fire assay procedure and final sign-off on such assay procedure by our consultant and leading USA assayers is expected before the end of the year" This apparently was abandoned due to the breakthrough in recovery that led to 0.25+ oz\ton gold. 2) HARD ROCK EXPLORATION PROGRAM They had a program in 96 where they said results would be published. I expected some updates on their web page describing exactly the composition of their ore. I don't expect them to give away trade secrets regarding the recovery process. What has IPM done to explain to the critics why standard fire assaying shows neglible results yet they claim to be able to recover 0.25+? 3) BD AUDIT In the Feb. 4 press release: "...has been instructed to secure a suite of new BRX bulk samples for delivery to the plant facility during the week of February 17th. Bulk sample process procedures for precious metal recovery will then recommence with Behre Dolbear monitoring" Now in the April 2 press release, they change their tune: "...has commenced the next phase of analysis of Black Rock mineralization. This analysis will include the utilization of independent samples and ultimately the application of the precious metals recovery process to the independent samples" What was the first phase--the development of review of the audit procedures? This next phase seemed like the first phase in the Feb. 4 release. Why can't they be clear on what BD is doing? Is this an evaluation (taking months) or an audit? Why didn't they outline the different phases and expected time to completion right from the beginning? 4) 500 KG TEST RESULTS What is the hold up here? The recovery test program was expected to be completed by March 14. Again, we have a completion of a work program and key results have yet to be published for unknown reasons. 5) PLATINUM RESULTS IPM is holding back from releasing results until they are convinced by the data. 6) REFINER RESULTS In the Dec. 19 release IPM stated: "The precious metal products from the pilot scale tests will be evaluated by refiners who have already tested samples from the bench scale program and have expressed interest in purchasing the precious metal concentrates" Here again is a very positive event but the name of the refiner and the comments they made were not published. Why is everyone assuming that IPM will publish the initial refiner results expected next month? If the results are not positive, they could continue sending samples to refiners for months while they try to get the concentrate appropriate for refiners. What hasn't IPM clearly outlined the refiner work program and its expected time to conclusion? I also find it odd that they decided to try a finer grind so late in the recovery test program. Is this company conservative or are they attempting to keep the interest level high while stalling for time?

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