International Precious Metals (IPMCF) Message Board

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

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To: Alan Vennix who wrote (21889)	10/7/1997 10:07:00 PM
From: Tim Hall	of 35569

Alan, this is a very complex procedure. BDB can't simply take some dirt, subject it to a process and sent the conentrate to a lab to analyze and then say you have x ounces per ton. With normal ores, you simply send the ores to a credible lab and they do a standard assay. They report back x ounces per ton. You then drill more holes, take more bulk samples and continue to send them to labs and eventually you establish some form of reserves. Once you establish some kind of a reserve base, you start doing testing to determine a process for recovering the values. After you establish a reserve base and a method of recovery and if it appears to be feasible, you start looking for financing to build your project. Your basis for financing is your established reserves and your proven recovery process. IPM on the other hand because of their complex ore has not been able to establish an assay process that is bankable. Therefore they have had to jump ahead into a recovery process that proves that they can recover the values from the ore. I am sure that BD and lately Batemen have been taking COC samples and have processed many of them. They then take the concentrates and analyze them for values. I am sure they have seen a lot of variations and values and have kept working on the process. Now they are certain that they have a process that will repeatedly extract the values from the ore. Having an independent lab verify those values is just kind of "frosting on the cake". I imagine that the BDB report will say something to the effect that we have run this process many many times and we can always recover these values in the concentrate. XYZ lab has also assayed these concentrates and confirm our figures. But, what they will be saying is that we can recover this much but we really don't know how much was in the ore to begin with. This is why an acceptable assay procedure is as important as the recovery process. Even if they can recover good values from several bulk samples, they still need the assay process to establish the reserves. They can't afford this same lengthy recovery process on every foot of every drill hole that they must drill. I think the BDB report will be a good indication that they are on the right track but I still think they will need a good assay procedure before this stock really moves. IMHO Tim Hall

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