All, Just got this e-mail that I felt would be appropriate to post to SI. My friend and fellowshareholder forwarded it to IPM in Phoenix...
I agree with those who said we have been lied to, but it has not been
IPM
doing so. It has been the numerous detractors who smugly promoted the
notion that "no gold" existed in the desert sands, another" Bre-X story
line", and on and on. Now they'll find other issues to concern
themselves
with...but they were wrong then...and they'll probably be wrong in the
future. It appears as though IPM has been correct, now confirmed, since
the
beginning. Maybe there is a bumpy ride ahead in the market for a bit,
but
in a discussion with another IPM shareholder we concluded our evaluation
of
the current state of affairs pretty much agreeing on an analysis that
considers what is known about the company, project and market.
We were all anticipating news that was based on the "reward" side of the
-
risk to reward - equation. What IPM delivered was decent and meaningful
un-glamorous news on the "risk" side. IPM presented information that
Martin
Hay in his report saw as critical elements for "A viable operation" (see
page 12). ( 1- Proof of the existence of metals in sufficient
quantities
to support a viable operation (2 - a reliable assay metod. I'll leave
the
calculation of probabilities to someone else.
In our discussion we used an approximate average for gold of .04 ot,
pretty realistic. Over the last few years the amount of platinum, in
relationship to gold, was consistently no less than 60% or .06 ot. This
brings us to a point where Struthers calculates about the same amount of
gold equivalent ounces on the grid, around 5 mil (50 mil tons x .1).
IPM
has layed out, and mentions in the Friday release, a total of 6 grids
that
are open to depth. Their data, not confirmed at this point but
reasonably
probable according to many that speak with management and independent
parties, points to metals to depths exceeding 200 ft. That translates to
a
minimum of 12 grids at 50 mil tons without factoring any additional
depth.
If this highly concentrated area of 6 square kilometers contains 60 mil
oz.
as is easily calculated, they'll find or develop a recovery method.
With the same amount of ounces, not verified by independent third
parties,
we all know of a company that had a market capitalization of $5 bil. I
appreciate the reduced risk, comforting to know there is some realistic
basis for establishing share price and building value. Now IPM, _ get on
with the glamorous side of the equation_.
Very interesting thoughts..... 3 1/16 - 3 1/8 1,104,300
Robert |
