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Gold/Mining/Energy : International Precious Metals (IPMCF)
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To: Furry Otter who wrote (28533)11/28/1997 8:05:00 AM
From: Bruno  Read Replies (5) of 35569
 
Hi Furry

FYI I understand AuRIC whilst under COC were able to produce higher figures than have been published to date from Bateman and BD They were also prepared to verify a costing for the process of approximately $15/ton to extract gold, silver and platinum. Even at the low figures of 0.035 for gold only we have $10/ton of gold. I understand Auric were consistantly receiving considerably in excess of this. Even 0.1opt leaves us with a profitable mine.

In return for releasing this information they wanted $2.5-$3m in cash and stock.(They would only have wanted the stock if they felt Black rock was viable).

IPM refused this about six weeks ago. Bateman offered to conduct the tests at a fraction of the cost. The damaging results were then published.

Furthermore any PP will depend on a stronger share price than we have today......there is no financing even remotely in sight at the moment.

At least one of the major fund managers is auditing this stock to check for impropriety.

The resulting scenario could include an egm called to replace the management.

Or a takeover

Or worse we could face Chapter 11.

The conclusion thus far appears to be there is a potential gold mine here with reserves over 0.1 opt with a leaching process compared to 0.035opt in the fire essays with AuRIC prepared to take the lead.

Finally none of the respectable mining companies have enjoyed working with the likes of lee who is regarded as a charlatan....hence their short involvement....it's a question of amateurs and professionals.

The company is being run incompetantly. But the ground has tremendous potential.....the fear is will any of the shareholders benefit?
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