RECOVERY AND FIRE ASSAY RESULTS
IPM NOW U.S. REPORTING COMPANY
Toronto, Ontario (June 24, 1997) -- International Precious Metals Corporation (IPM) is pleased
to announce that it has received a report on the physical recovery of precious metals from 3
separate samples of Black Rock material. An aggregate of 1,752 lbs. was taken from the original
1-sq./km. grid for testing. The samples were taken by three members of IPM's senior geological
staff using an excavator from a depth of between 16 to 24 feet and then delivered for processing
to Friendship Metals of Las Vegas, Nevada, an independent research and development
laboratory. After the processing of the samples, the concentrate (anode sludge) was delivered to
an independent refiner, AuRIC Metallurgical Laboratories of Salt Lake City, Utah, in order to
extract the precious metals contained in the concentrate. AuRIC reported that it has physically
recovered the following amounts of precious metals from the concentrate (note all figures
presented as the actual grams (gms) of precious metals recovered as well as in ounces/ton (oz./t)
based on a calculation back to head grade; the term "head grade" is a term used in the mining
industry to define the amount of mineralization present in the material prior to processing as
expressed in ounces/ton):
.
Weight
Gold
Platinum
Palladium
.
lbs.
gms
oz./t
gms
oz./t
gms
oz./t
1
900
3.73
0.26
5.14
0.37
5.63
0.39
2
452
2.17
0.318
1.98
0.284
1.05
0.145
3
400
2.27
0.376
1.21
0.202
0.52
0.084
Additionally, IPM is delighted to announce that it has received the results of a standard fire assay
performed by AuRIC on head grade samples of Black Rock material. These samples were
excavated from a depth of between 16 to 24 feet from three separate holes approximately 500
meters from the holes on which the above recovery results have been announced. The assay of the
same samples was done at least two times to confirm consistency and repeatability of results.
Hole No.
GOLD
Assay 1
Assay 2
Assay 3
161
0.8
0.74
-
PD
0.15
0.15
-
151
0.35
0.32
0.35
The development of a standard fire assay from head grade samples represents a major
breakthrough in IPM's efforts at proving the existence, and recoverability, of mineralization from
Black Rock material. The independent verification of the recovery and fire assay process, by
Behre Dolbear & Company, Inc., the Company's mining engineering consultants and other
independent and industry recognized laboratories, is ongoing and is expected to be completed
within the next 30 to 45 days. IPM has released these results in order to keep shareholders
informed and up to date on the status of the recovery of precious metals on the Black Rock
Project.
Finally, IPM is pleased to announce that it has become a full U.S. reporting company. The recent
filing of a Form 10K with the Securities and Exchange Commission and The NASDAQ Stock
Market marks a change in the company's reporting status and is attributable to a broadening U.S.
shareholder base.
IPM is an international mining and exploration company registered in Toronto, Ontario. The
operations office is located in Phoenix, Arizona. IPM stock is traded on the NASDAQ exchange
under the trade symbol IPMCF and on The Canadian Dealing Network under the symbol IPMC.
On Behalf of the Board of Directors
Le Furlong, President and CEO
ISSUED AND OUTSTANDING CAPITAL 17,758,280 |
