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Microcap & Penny Stocks : IMMM ( I'm Mad Monk)
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To: Sidney Reilly who wrote (867)5/20/1997 10:44:00 AM
From: alchemy   of 1480
 
Hello Bob: I am not planning to buy any more shares until we have good news of secure future financing and a farm-in agreement with UPR . My philosophy with IMMM has been to invest only what I can afford to lose. I have reached that point.

Did you hear about Delgratia? It is Bre-X redux. Someone is going around salting cores for fun and profit. What is interesting here is that the state of Nevada's mining director is apparently the hero. He didn't buy their claims right from the start, although it would have meant a huge windfall for the state if they had proceeded. The stock went from $12 to $0.25. It is a pity that there wasn't someone like him in the Busang playing the doubting Thomas. Of course, the little guys, the shareholders were wiped out. Another tragedy in the quest for gold.

A month from now, I may reread this comment and laugh at my naivete. I feel that once IMMM has demonstrated its effectiveness, it will be a "low-risk" resource play because it does not tie us down to a single all or nothing strike. It doesn't even tie us down to a single resource. When management decides to farm-in, they will act on strong EM indications that will improve their chances of finding a paying resource. If they choose not to farm-in, they will receive a payment for their survey. As they refine their technology, their success rate will increase and so will our earnings. This business plan is still sound and I will embrace it until we learn that the technology does not work.

Scanning the horizon for news,

marty

PS I doubt tht UPR will buy in to IMMM. They just made a major purchase in Texas:

biz.yahoo.com
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