Hey, I don't know if everyone has found this yet, but it will be of interest to those who haven't:
pursuitgold.com
It's on their web site and summarizes a bit about their potential.
As far as recent price movement is concerned, let me reiterate some things I posted earlier. I attended the shareholder meeting/presentation at the Mining Investment Conference in Vancouver in late Jan and they had some very bullish things to say. Let me summarize my notes from the meeting:
They feel that the Mongolian projects do in fact have a lot of potential, but they want to farm those projects out to others, so that they can use other companies' money for exploration in that area. The Phillipines they hope to sell, and use the cash from that to finance work in Indonesia. They have used the opportunity in Indonesia to narrow down their area of interest to SIX potential porphyry resources. Apparently they are pretty hopeful about the potential in Indonesia, because they want to focus on that...yes Mongolia and Phillipines are promising, but apparently Indonesia is more promising.
Dattels wants to keep about $15 million in cash throughout the year. As far as the Phillipines project is concerned, they want to sell it and he gave a ballpark figure of $75 million. That's a total of $90 million cash per share, or approximately 3.00US.
The bank financing is already in place for the Phillipines project. 3 billions pounds of copper at 80-100 cents per pound and a cost of 61 cents per pound. That's a 1-1 1/2 year payback and hopes to be in production in two years.
They want to develop the Indonesian properties with that money, without getting any majors involved. No joint ventures, etc. Dattels wants IPJ to BE the major...his goal is to turn IPJ into a multi-billion dollar mining company.
He feels that the Kalimantan property is the best geological area outside the Carlin trend in Nevada. Pursuit has the largest land package on the island. {They have identified somewhere around 4-6 porphyries, I get different numbers from different places} Dattels said they have large companies that are coming after them, but will resist. Testing (500m cut) at Manto preliminary results show 0.7% copper, 300-500 million tons, cost $6/ton, market value $20-40/ton. He gave around April for COWS. He said drilling in fall.
As far as the "Special Situations in Mining", I got that at the conference too, I think it was in the Pursuit folder. Dated Jan 10th. It is a good read and people should try to get ahold of a copy if they can. Maybe can call IPJ and ask for a copy.
There are a lot of people on board with this:
James Dale Davidson (Strategic Investment)
James Dines (Dines Letter)
Brian Fagan (Fagan Report)
James Blanchard III (Gold Newsletter)
Scott Waldie (First Delta Securities)
I don't know the extent of the involvement of all these promoters, but they are all quoted in the "Special Situations in Mining" report.
Of course, it probably would have been helpful to write all of this the first time when it was at 2.00C, but oh well. There it is now. I figured everyone would have found all of that info by now.
My opinion at this point is, with the cash on hand and IF they sell the Phillipines project for $75 mil, that will bring the company to 3.00US (approx 4.20C) CASH. That does not include potential of any of the Mongolian properties, or any potential from Indonesia. The Indonesia project may be a CLUSTER of porphyries, and even if it isn't with all the people on board with this one it should at least be a great promotion! They may have multiple clusters of porphyries, according to "Special Situations in Mining". Dattels stated goal is to not JV, but to turn IPJ itself into a multibillion dollar company.
OK OK that's all great, next stop the MOON. But they don't have COWS yet, they don't have anything remotely close to resembling a PROVEN resource in Indonesia, and the sale of the Phillipines project is not final. So they have $15 mil in cash and a lot of potential. But that's what speculation in mining plays is about! With the run up to almost 3.00C lately, who knows if it will consolidate or keep going.
M. |
