My take on the PR, FWIW:
Alan, your position pretty much sums up mine. I am a bit bothered by the fact that they didn't mention Bateman in their previous PR, when they obviously knew Bateman was either on board or about to be, and that the program was to be expanded...makes me wonder if this isn't just an "excuse" to buy more time to deal with some undisclosed adverse issue, but I doubt it, because if the issue was material, it would have to be disclosed, and also because the rest of my analysis of the PR leads me to believe IPM already has a BD report on gold, and it is good.
I analyzed the PR closely because I think Eli and others spent many hours going over every word, making sure the PR was exactly what they wanted. I know from experience that companies do this generally, and the critical nature of this PR, and the timing of it, makes this even more obvious in my mind.
First, look at the structure of the PR. The headline refers to the injunction, but the body of the PR itself starts with the Bateman involvement and need for delay. That entire issue is raised, discussed, and concluded before the PR even gets to the issue of the injunction, which appears almost as an afterthought, UNLESS you read IPM's comment about the injunction:
It is IPM's expectation [not "hope"] that once the precious metals recovery results from the independent verification program have been announced [not "received"], the position taken by the Arizona Department and its employees about the existence and recovery of precious metals will be proved incorrect.
This indicates to me that IPM has a report in hand from BD, probably on gold only, and maybe not the final report, but it is enough for IPM to say that AZDOM will be proven wrong with the release of the BD results.
Also, look at the Bateman experience IPM chooses to highlight in the PR. It all relates to construction of mines, refiners, processors, etc. To me, this means that IPM has enough data to conclude that it needs a mine, and it has hired Bateman to build it for them.
Lastly, I can't believe people aren't focused on the statement from Doyle, "we are begining to see closure of a number of the outstanding issues important to the company and its shareholders." He isn't talking about what finger food to serve at the next AGM
Two or three week delay, to get independent verification of gold AND platinum too? No problem
Regards, Otter |
