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Gold/Mining/Energy : Int'l Pursuit (T.IPJ)
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To: RonS who wrote (451)1/21/1998 2:16:00 AM
From: Ron Everest  Read Replies (1) of 835
 
Just finished reading the 8 page article dated Jan 10 98 from the news letter "Special Situations in Mining". This article lays out some incredible potential for IPJ. Of particular cause for optimism are the five major projects of which any one can cause an increase in value to IPJ shareholders:

1. The Hinoba-an CU project has been dealt to Minoro Mining and if Minoro continues with the proposal they pay IPJ US$15mm by April 30 98 and paid over a 120 day period for 10%. If Minoro brings in US$100mm or more of project financing they receive a total of 60% with IPJ carried for 40%. Costs expected to be under US$.45 per #, thus, at 80 cents per #CU IPJ stands to gain significant future benefits as well.

2. Kendeng - 50% Joint Venture with Java Gold. JVAG has an option to acquire a 100% interest in Kendeng by paying US$550k by May 1999. IPJ can earn 50% interest from JVAG. There are 3 discreet gold target zones, each zone is several km in dia. Assay values have run as high as 16.2 g/t. Drilling can start in 6 - 9 months following detailled rock sampling, geophy surveys and trenching.

3. Mahakam AU-CU Porphyry Cluster. IPJ has stumbled upon a cluster of mineralized porphyries. The Manto prospect with potential of at least 200mm tommes at .7% CU is now the lowest priority of six targets on the block. Airborne geophysics are beginning to show the possibility of three additional porphyry clusters within the Mahakam blocks. Potential to have a Grasberg or Batu Hijau sized discovery. It will likely take 6 - 9 months before Pursyit has an understanding of what they have on the surface and can begin drilling.

4. Mongolian Exploration Properties. They had the pick in Mongolia country by having a right of first refusal on the sluething of Armand Beaudoin, now JVAG's CEO. They had the pick of leases based on Beaudoin's study of decades of Russian work which was abandonded at the start of the decade. Both IPJ and JVAG each acquired 5 exploration leases. The IPJ lease Ulzit gol in the Bayhongor AU belt has three major gold targets.
During the summer of 1997 Pursuit and JVAG had 150 Mongolian geologists and five Canadian team leaders looking at 80 to 100 gold sites (assumed at the 10 leases) previously identified by Russian surveys. They have identified 15 priority targets earmarked for detail work.

5. Carlin Trend, Nevada. Agreement with WKR.V to acquire 50% interest in two properties for exploration expenditures of US1.5mm per property. These properties are in close proximity to Newmont's Quarry mine (20mm ox AU) and Rain Mine (5mm oz AU). Bill Burton states "that exploration at depth under some of these huge AU open pits are beginning to find some very high grade ore at depth. There is a specific geological horizon that exists at depth which creates this situation, and that is the target of the program on these two properties. White Knight has defined drill targets showing mineralization that has leaked up faults. We believe that this leakage indicates gold zones at depth."

What can Investors expect in the Future? Datells states that "longer term he hopes to build IPJ into a billion dollar company". There is little question he has the experience and ability to accomplish this goal. Based on what we know about Pursuit's five phenomenal projects, there is little doubt the company can reach Dattels' ambitious goal in the future.

It appears that Special Situations will send the article gratis as a promotion to increase circulation, 1-818-542-6899. There was a disclosure stateemnt that stated IPJ paid for the complementary mailing of the newsletter.

My impressions are very positive on IPJ and their endeavours. Much of the information was already known through previous news releases. The Mahakam information was of particular interest because of the multiple "elephant" potential.

Good reading,
Ron E
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