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Gold/Mining/Energy : International Precious Metals (IPMCF)
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To: Wildcat who wrote (19996)9/6/1997 3:47:00 PM
From: Victorio   of 35569
 
JUDGE STOPS COMMENTS ON MINE by Howard Fischer Capitol Media Services Excerpts from newspaper coverage: A state judge has blocked officials and employees of a state agency from commenting on the viability of a planned mine west of Phoenix. Maricopa County Superior Court Judge Donald Daughton said he found no authority for anyone from the Department of Mines and Mineral Resources to suggest that the proposed Black Rock mine does not have recoverable amounts of gold. He also concluded nothing in state law permits comments that investors should steer clear of stock in International Precious Metals, the Canadian firm trying to develop the site, about 90 miles west of downtown Phoenix. Daughton directed IPM attorneys to craft a permanent injuction specifically aimed at agency Director Mason Coggin and Nyal Niemuth, a mining engineer who works for the state. He is expected to sign that order next week. Marty Harper, attorney for IPM, said the mine is now in the "critical stage" of development. He said the company has test results that show a mine on the site is financially feasible. The problem, Harper said, is that fundraising has been hampered by Coggin and Niemuth. He said both have told would-be investors to avoid the project, with Niemuth quoted in various publications as saying there aren't measurable quantities of gold on the site and suggesting a similarity between IPM's methods and fraudulent promotional schemes. "I do not think that the statues provides the Department of Mines and Mineral Resources with the authority to opine on the value of stock in a mining company, or even the likelihood that a given mine is going to become economically viable," the judge said.
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