The Saga
Bold words are commentary provided by me. This is my opinion, like it or not. All other words are taken directly from IPMCF releases and posts. If you notice a bias, it is deliberate. This con is really a simple double shell game where you will never know where you're money went. Who's report was that anyway
The Saga
Toronto, Ontario March 12, 1997
IPM has been extremely careful and conservative in releasing information to the market in order not to be promotional. IPM's corporate record are a legitimate part of a public discourse, but these should be based upon facts.
Lets discourse then
Toronto, Ontario October 23, 1995
Exploration results amassed from the prospect over a period of two years indicated a large and intense precious metals geochemical anomaly. Management was tasked with accomplishing the measurement of the BRX mineralization and defining a precious metals resource.
Calling a spade a spade, it is a geochemical anomaly
Toronto, Ontario, December 15, 1995-
Encouraged by the confirming results presented by the independent labs, IPM has set an aggressive agenda for advancing BRX in the coming year...IPM will continue refining its recovery processes in order to optimize a final recovery method.
Final recovery methods are being discussed, this is rather premature don't you think. No promotion here.
Toronto, Ontario February 23, 1996
The results below were also confirmed by 342 random check assays from a second independent laboratory:
Gold: 0.046 1.55
Platinum: 0.090 2.79
Combined recovered gold and PGEs 0.136 4.34
Geological Status Report
...discovery of the primary source rocks for the precious metals on BRX...an intermittent strike length of 2 to 3 kilometers and a width of 100 meters...IPM will greatly expand its exploration program to include the hard-rock discovery.
Some initial numbers, not meant to be promotional, nor is the announcement of a DISCOVERY of possible source roucks.
Toronto, Ontario February 27, 1996
Metallurgical test work on the BRX mineralization from the drilling of the first grid has indicated economic grades of gold and PGEs are present.
IPMCF shareholders are going to be rich. Plain and simple, we already know it is economic. Platinum and gold.
Toronto, Ontario March 21, 1996
The company has formed a Mining Division...The company intends to report resource results at the completion of each grid.
We are in the mining business, we were'nt before, resource calculations are going to be announced in a timely fashion
Toronto, Ontario April 3, 1996
As previously announced, discovery of the hard-rock source of the gold and platinum on the BRX project occurred during the third week of February.
Yes we know that, no need to promote, it is one of the reasons I bought the stock you know, cause you said that in the news release.
Toronto, Ontario May 23, 1996
The independent consultants who performed the structural geology investigation identified the two distinct forms of hard rock on BRX. Since different types of mineralization require separate analysis, IPM will perform comprehensive testing in order to accurately define the extent and grade of gold and platinum in each.
I should hope so!! Drill results expected soon, another additional type of testing required, small delays?
Toronto, Ontario June 4, 1996
R.A. Creelman, B.A.,
MSc. (Hons), Ph.D., Process Mineralogist, in a letter to IPM's board of directors states that:
"Platinum and palladium values back-calculated to head grade, averaged across eighteen initial samples, would be 0.126 oz/ton and 0.086 oz/ton respectively."
In view of the economic significance the increased recovery represents, IPM management has asked its mining engineering consultants to supervise an expanded recovery verification program...Following the receipt of positive results, Behre Dolbear will then undertake an engineering report defining the measured resource present. The result will be a fair estimate of the BRX mineralization value to IPM shareholders."
We have a resource to be calculated tout suite, a recovery verification program and a resource calculation as soon as the report comes out, it is gonna go.
Toronto, Ontario June 26, 1996
When geologic logging of the samples has been completed splits will be dispatched for assaying. Concurrently, the Company and its process metallurgist Dr. Robert A. Creelman, are working with Behre Dolbear & Co., Inc. on metallurgical and recovery aspects of the BRX mineralization.
If anyone can do it Creelman can, look at all those letters !! Yah, the drill results from the hard rock discovery. They should be in soon
Toronto, Ontario July 16, 1996 450 Ton Bulk Sample Unsuccessful BRX Hard-Rock Exploration Drilling To Continue
IPM management feels that the system design of the facility resulted in a large percentage of the contained mineralization being lost.IPM also announced that core drilling on the BRX property would continue to the end of July.
I don't want to know what you feel please, I want to know why it failed. You are telling me the bulk testing failed and you have no logical explanation, just a feeling. That hard rock source we discovered in February is in the works right, how long can it take to test the drill core ?
Toronto, Ontario July 31, 1996 Bulk Testing Continues On Schedule
Release of assay and recovery parameters will be announced when Behre Dolbear reports its findings. The test programs are nearing completion. Thereafter, the company will request that the conclusions be corroborated by mining engineer consultants Behre Dolbear & Co., Inc. This will lead to the immediate processing of samples from IPM's exploration drill program completed in July and allow management to accelerate the development of BRX.
This project is moving right along now. I like the word accelerate, with PGM's like those found above we should accelerate it. Stillwater is going to have some MAJOR competition. Thats right, the drill core, from THE DISCOVERY OF THE BRX HARD ROCK SOURCE, the one that was ECONOMIC, where are those drill results
Toronto, December 19, 1996 -- International Precious Metals Corporation (IPM) announced today that, based on successful bench scale tests for gold and platinum, it has begun a scaled up pilot plant test program.
Successful, successful tests, I though those bulk test were unsuccessful. I see, it bench tests, they are going to scale up the bench tests to a pilot plant to extract ? No ? To test, a bigger sample, like a bulk sample ? Didn't that fail ? Didnt' we do that? Do we have a new technique, some kind of breakthrough.
Toronto, December 19, 1996
The significance of these greatly improved recovery values is profound for IPM, it breaks an eighteen month technical log-jam and enables the company to carry out assaying with a high degree of confidence...The company believes it is now in a very good position to advance the BRX project to a resource status during the first half of 1997
It was a breakthrough. Finally, the company can move ahead, everythings fine. Nobody told me but hey, I am always the last to know. Resource status, I thought we were working on "final recovery", those were the words used first, what is going on with our drill core from the DISCOVERY OF THE HARD ROCK SOURCE anyways.
Toronto, February 4, 1997
The assay returns from these phases indicate no degradation of recovery from previously announced results of 0.25+ oz/ton gold. As a result of the consistency of gold recoveries, IPM has moved the test program forward on schedule to bulk samples of approximately 250 to 500 kilograms.
It works, on big samples as well. A far cry from just a few months ago when Behre Dolbear announced it didn't work, things are back on track. If they are getting that much gold from those first .04 assays, imagine how much platinum is going to be there. If they can do it on bulk samples, when do we go into production ?
Toronto, February 13, 1997
Accordingly, the company has instructed its mining engineering consultants, Behre Dolbear & Co., Inc., to begin a two-phase program to determine the mining costs for its BRX (Black Rock Exploration) project.
The nitty gritty of any mine, what will the cost of production fianlly turn out to be, I am glad the ore questions appear to be answered. This is a solid reputable company. They have made a few misprints (final recovery, heheheh, might have been a bit early)
Toronto, March 3, 1997 -- At the request of the Canadian Dealing Network, International Precious Metals Corporation (IPM) announced today that it knows of no material developments to account for the recent activity in the trading of its shares.
Toronto, March 6, 1997
Dr. Samuel Shaw III, Mining Engineer.
Dr. Shaw personally replicated the first successful leaching research undertaken by IPM - that work has now progressed to successful recovery.
I rest a lot easier when they have guys with numbers instead of letters. If am not smart enough to figure it out (those letter guys are intimidating) I can rest assured old what his face the third is in so everything has to be good, and now we have RECOVERY.
Toronto, Ontario March 11, 1997
..precious metals recovery program has reported that assays from bulk sample sizes of 250 kilograms show no degradation of gold recovery. IPM also announced that on March 17, 1997 it will commence a 28-hole drill program comprised of 2,600 meters of reverse circulation drilling to bedrock.
Confirmation that the process doesn't degrade. The process looks like it is going to work as well, hey, drills yah, we discovered the hard rock source of the BRX gold, we drilled the hard rock source of the BRX gold, IPMCF said so, I remember, we were just waiting for lab results.Whatever happened to those hard rock cores we drilled. I am sure we have them stored somewhere. Why didn't we send them to a lab.
Toronto, Ontario March 12, 1997
IPM has been extremely careful and conservative in releasing information to the market in order not to be promotional. IPM's corporate record are a legitimate part of a public discourse, but these should be based upon facts.
Toronto, Ontario April 2, 1997
IPM announced that Behre Dolbear & Company Inc. has commenced the next phase of analysis of Black Rock mineralization. This analysis will include the utilization of independent samples and ultimately the application of the precious metals recovery process to these independent samples.
Don't worry, Behre Dolbear, our long time consultants and mining experts are talking RECOVERY again, just what we need to hear. What we really need is a dramatic breakthrough like the last time. Our numbers went from .04 to .80, that is much more satisfying to think about. Now that we are getting such awesome gold numbers for sure, what s next.
Toronto, Ontario April 28, 1997
The Notice filed on the company's behalf alleges damages in excess of $25 million from untrue and misleading statements and information ...IPM fully expects to obtain a judicial determination that the statements made by Messrs. Coggin and Niemuth about IPM's Black Rock property were untrue and misleading.
$25,000,000 bucks, thats another buck something a share right there, If we win we are going to be getting more than a buck a share and it will be paid by a Government Department, we will get our money, but only if we win. It is not that important now that we have proven that there is lots of gold there. BD should be well along on the recovery process.
Phoenix, Arizona May 1, 1997 -
Lycopodium will work in conjunction with IPM's long standing consultants Behre Dolbear & Co., Inc. to further develop the recovery of gold and PGM's from the company's Black Rock Property
If I remember the first set of non promotional numbers correctly the platinums are quite high. Yes they are double the gold, don't forget the palladium. We need some world class experts on platinum and Lycopodium is just the bunch.
Toronto, Ontario (May 22, 1997)
Additionally, an independent verification program is being conducted by highly regarded experts to confirm the efficacy of the recovery process and the amounts of recovered precious metals. IPM wishes to state clearly that it has neither retained nor requested Behre Dolbear to have any involvement with PGMs-nor does it intend to do so. Any inference of such responsibility was unintended.
We know Behre Dolbear is our long time mining expert and is working on RECOVERY, it is a reason we bought the stock, we are anxiously awaiting the results. Who doesn't want BD working on the platinums and why. Thats right, we have bought in the best, Lycopodium, they will be our platinum experts. It appears the platinum may be really tricky here, nobody mentioned that in the first release, oh well, I am sure they will do a good and thorough job.
Toronto, Ontario (May 28, 1997) Environmental Study Underway
The newly acquired area is north of and contiguous to Black Rock Basin and is a possible hard rock source of the alluvial resource found there. The Vearncombes have a keen interest in further studying the hard rock sources and migration mechanism for Black Rock's geochemical anomaly. IPM also announced that on May 19, 1997 Behre Dolbear & Co., Inc., consultant mining engineers, began an assessment of the Black Rock Project environs.The assessment will identify elements to be included in the future environmental base-line study, in preparation for extensive exploration work and continued development of the Black Rock property.
The headline says "ENVIRONMENTAL STUDY UNDERWAY", this is very typical of mines that are going to be moving to production. A full environmental study is required if we are going to have a mine, but the release it doesnt' say that at all, it says they are doing an assessment of the what to include in such a study, poor choice of words that. They go onto to tell us that they have found a possible source of the ore, we know they have they told us that in February 96. And further, they point out AGAIN that it is an interesting geochemical anomaly. I thought we were working on fianl recovery and they are calling it an anomaly again. How many reports is Behre DOlbear working on for IPMCF now ?
Toronto, Ontario (June 24, 1997)
Weight Gold Platinum Palladium
lbs. gms oz./t gms oz./t gms oz./t
1 900 3.73 0.26 5.14 0.37 5.63 0.39
2 452 2.17 0.318 1.98 0.284 1.05 0.145
3 400 2.27 0.376 1.21 0.202 0.52 0.084
The development of a standard fire assay from head grade samples represents a major breakthrough in IPM's efforts at proving the existence, and recoverability, of mineralization from Black Rock material. The independent verification of the recovery and fire assay process, by Behre Dolbear & Company, Inc., the Company's mining engineering consultants and other independent and industry recognized laboratories, is ongoing and is expected to be completed within the next 30 to 45 days.
Some more non promotional numbers, very good grades there. And a new fire assay process, they call it a MAJOR BREAKTHROUGH. This is really good. And a report in 30 - 45 days as well. This looks really good. Our long time mining engineers Behre Dolbear are just going to do a quick verification of the process, it shouldn't take long now.
Toronto, Ontario (August 4, 1997)
...advised by Behre Dolbear & Company, Inc., IPM's mining engineering consultants, that an additional 30 days is required to complete their independent fire assay analyses and review of IPM's recovery processes...this additional time will allow Behre Dolbear to utilize appropriate staff to complete their independent verification.
Delays, apparently appropriate staff were not available, whatever that means. Our long time mining engineers are doing all sorts of stuff at the company, studys, recovery processes, hmmm. Nobody there, oh well trust Behre DOlbear, they are supposed to be reliable
Phoenix, Arizona September 11, 1997
International Precious Metals Corporation (IPM) announced today that its independent verification program has been expanded to include platinum group metals (PGM's) in addition to gold. Bateman Engineering Inc. has been engaged by the company to assist in the independent verification program, particularly in the auditing of the PGM's....However, expansion of the verification procedures will produce a more complete evaluation of the company's Black Rock project and the precious metals recovery process. Bateman has been working in concert with Behre Dolbear & Co., Inc...The expanded precious metals verification program, together with the exacting standards imposed, will give IPM and its shareholders a full and accurate reporting of precious metals contained and extracted.IPM now expects that the report of complete results from the expanded program will be announced to shareholders towards the end of September...which is being conducted to the highest level of standards and incorporates dual reports by Behre Dolbear & Co. and Bateman Engineering.
On September 2nd the judge ruled in favor of IPM's request for a permanent injunction against the ADMMR.
This is a complete recap of what is in the works and tells me what to expect. It sounds like another delay, it is good that we are going to get a complete, high standard report from two different companies. It will settle everything once and for all. I will get a "full and accurate reporting of the precious metals retained and extracted. It will be done to the "highest level of standards" and it is expanded to include platinum. Because they are finally going to prove the platinum numbers I can expect some delays. The company has "engaged Bateman" it says to insure the platinum numbers are completely correct. This is the BIG RELEASE. It will prove the value of IPMCF to everyone. The report can be expected very soon, the delays are necessary for platinum group metals. The only fly in the ointment is the fact that the lawsuit is over, we won, and did not get any money. The drill cores from the "discovery" bother me a little bit, the discovery bothers me a little bit, the fact that Lycopodium isn't mentioned here bothers me a little bit, they are our platinum experts. Why is Bateman called in, where are the reports from Behre Dolbear, why isn't the pilot plant defraying costs? This is costing millions of dollars
Toronto, Ontario - September 29, 1997
Results from the laboratory analyses will be reported directly to Behre Dolbear and Bateman.Upon receipt of their independent reports IPM will then announce the results to shareholders.
This sucked. Two reports are better than one. This report will take us to the moon, it will the fianl proof.
Fnally the BIG DAY arrives
Toronto, Ontario - November 14, 1997
The company's directors have received confirmation from an Arizona Registered Laboratory that a Modified Fire Assay Procedure is able to quantify amounts of gold and silver in Black Rock material.
Shitty results here.
For the record it doesnt' even say that the shitty results that you are looking at are Bateman's or Behre Dolbears now does it. They are both independent and the news release just doesn't say. Bateman is completely off the hook, read it. It doesn't say anywhere that the numbers you are looking at are Batemans or Behre Dolbears, does it.?
Bateman Engineering Inc., an international engineering group with its U.S. headquarters in Denver, Colorado has confirmed, the presence of gold and platinum at Black Rock using the nominated recovery process in the independent verification program. Bateman has indicated that this testing should not be used for the purpose of calculating a resource.
The company estimates that the Development Program will take between twelve to eighteen months. Its objectives are to determine the grade, scale and economics of the project and produce a full feasibility document with a view to taking Black Rock into production.
Toronto, March 3, 1997 -- At the request of the Canadian Dealing Network, International Precious Metals Corporation (IPM) announced today that it knows of no material developments to account for the recent activity in the trading of its shares.
Toronto, Ontario March 12, 1997
IPM has been extremely careful and conservative in releasing information to the market in order not to be promotional. IPM's corporate record are a legitimate part of a public discourse, but these should be based upon facts.
Samuel Shaw III in an interview with Ron Struthers.
"There has been a number of platinum promotions in the southwest and Mexico that have turned up nothing."...
"I am sorry but am running out of time here."
sentex.net
Ron Struthers."a lot B.S on the internet"
"I expected grades at least twice as high.
They have counted on BD/Bateman to prove IPM a scam.
They may have anticipated a private placement or dilution in the stock to help them cover lower."
exchange2000.com
"I am always wrong. echarter@vianet.on.ca"
"will make everyone look like a fool."
"its hard to say how much the price will change on Monday" |
