International Precious Metals (IPMCF) Message Board

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Gold/Mining/Energy : International Precious Metals (IPMCF)

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To: Bijan Khazri who wrote (20673)	9/11/1997 10:39:00 PM
From: Alan Vennix	of 35569

Bijan et al, Everybody has been offering their interpretation on today's announcement so I'll add mine to the stack. I would suggest that BD has been working with IPM to improve the recovery process - recall that T Hoare said the recoveries announced at the AGM left an equal amount in the tailings - and that progress has been made on the gold, but maybe not on the PGM's. Or maybe not consistently. The ultimate results are refiners reports with Au, Pt and Pd numbers inextricably together. I don't think you can report one without the others. BD doesn't want to release a report where they say "Gold recoveries are such and such. And, by the way, PT and Pd are also recovered but we don't understands the mechanism of recovery or have an explanation for why it might be this one time and that another time." So they want a PGM expert to come in and shoulder that part of the report. Could Lyco have done that? Don't know. I believe they are currently more involved with the mine design and economics. Maybe their schedule wouldn't allow the right people to be involved with the process details. A lot of possible explanations but I don't see anything implicitly wrong or sinister with Bateman picking up this part of the puzzle. Do agree, though, that if IPM's August 4 announcement would have mentioned Bateman coming in it would have saved a lot of consternation now. Maybe they thought they could slip them in and still make the 30 days and not have a lot of people wondering in the meantime why Bateman was there. Anyway, except for the last minute surprise factor of Bateman's involvement, I see today's announcement as positive overall and have not lost any of my enthusiasm about IPM or it's ultimate potential. In fact, I think I'm even more encouraged the more I contemplate the PR and its implications. FWIW Alan

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