I would suppose that the $25 mm is Canadian and when they state "cash and securities" that would include JVAG. This puts the value per share at approx C$1 for Cash and Securities without valuing the Cu, Indo plays, Mongo plays. Today IPJ is trading at C$1.37 with JVAG following at C$.84. Obviously, the market likes the JVAG potential and is not giving any real value to IPJ's holdings.
IMO the Hinoba-an et al CU property is worth US 3 cents per # in the ground. That is a value that I got from a geologist I know in discussion of this subject. He thought that IPJ should vend for more than 3 cents. If this is true then IPJ should have value of over C$3/share for the CU property alone. The price of CU has fallen from US$1.16 just a couple of weeks ago to last Friday's US 99 cents per #. Yes, the price of copper is critical.
The COWs are all of 7th generation. IMO there are very prospective IPJ properties in Indonesia on hold due to the delays in issuance of the COWs and in the interests of conserving cash. It would appear that the Indo Govt is very concerned that their previous actions with B--x have tubed their mining sector, especially the juniors. The issuance of the COWs could have the effect of beginning to restore confidence in this sector, in Indonesia. To be realistic, there will have to be a discovery which will not cause the Indo greed to overwhelm the markets again. My read on this is that IPJ has some very prospective properties involving the Sebuluh Fault zone. The takeover of DAYK appears to have been to secure DAYK cash holdings but also appears that they wanted to secure all of the Sebuluh zone. Also, there was mention of IPJ acquiring the remaining portion of the Sebuluh Fault that they didn't already control. Notice in past releases that they stated that they would jv a number of areas with the right parties but that the Sebuluh Fault zone never came up. What does this mean? IMO we will see some very interesting news once the Indo scene loosens up as there were apparently many areas IPJ had developed to pre drilling stage.
The IPJ releases on their Mongolian properties didn't do the same kind of justice to IPJ as the JVAG release did to their properties. One would suppose that since both IPJ and JVAG were negotiated to vend by Armand Beudoin to IPJ's right of first refusal that IPJ would have had the pick of the properties? Possibly not, however, one would assume that the heaviest partner in the deal would get value over the smaller managed company JVAG.
Just a bunch of musings on my part, however, perhaps with substance. My guess is that the fall of 97 onwards will prove very valuable to IPJ and JVAG shareholders. The IPJ management is very conservative in their release of news, no hype, thus, what we see in news is possibly more substantial than for the majority of jr gold companies.
What is your take on these postulations? Anyone else still in IPJ land? |
