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Gold/Mining/Energy : International Panorama
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To: Chaz who wrote (120)6/3/1997 2:08:00 PM
From: John Antoniou   of 264
 
Chaz and everyone,

I am just as disappointed and concerned about ILP's movement as everyone else, especially when you look at the movement that AMZ and TNK have had.

The word on ILP is just not out there yet. Bateman has confirmed that this is a viable project and the company has received the government's "go ahead". Of the three companies I have mentioned, ILP is the only one with a completed and well ratified feasibility study. Looking at all this (and discounting their other properties in Miranmar and Canada) this stock is seriously undervalued. The only real concern presently (if you discount the political one - as investors have with AMZ and TNK) is where will the financing come from. I have heard from IR and two brokers in separate institutions that they are in the final stages of a financing. The other heartening thing is that the company has been buying and not selling the stock (which is more than I can say for Bre-x).

IR have told me that they are also baffled by the activity and will be releasing another PR today explaining the feasibility study and confirming the government's ratification of the deal with Gecamines.

There is a definite interest in Cobalt and the Congo out there. ILP is the closest of all the players to production. I know that there is an inherent risk in investing in such unstable areas of the world but ILP has shown me that they are doing all the right things so far. If someone has concrete evidence to the contrary, please let the rest of us know.

Thanks,
John
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