<<What is this management team doing?>>
They have assembled some awesome prospects over the past few years. You can get a lot of information on IPJ projects from their web site:
pursuitgold.com
There have been some "IPJ paid for" articles which rehash IPJ prospects and create a focus for the company's direction: a) you can find the First Delta Securities Inc research report on the IPJ web site - Nov 11 97; b) Special Situations in Mining put out an 8 page commentary - Jan 10 98 (I was told by the company IR Sally Burton that they have mailed out over 2500 of these articles at request of investors); c) Gold Newsletter Vol 2 No. 1 put out an 8 page article - February 1998 (I believe you will need a subscription to get this) The GN article was pretty much the same as the Special Situations article but it did reveal that the Mahakam CoWs (E,W & N)now have 4 clusters of CU+AU+other metals. Each cluster has multiple poryphries.
It is very unusual to find a jr small cap such as IPJ with so many company making potential projects:
a) Hinoba-an CU deposit, currently 60% is being sold off for potentially US$15 million plus a 40% carried IPJ interest. Statements made at the recent Vancouver Gold show would indicate that IPJ is trying to sell off their 40% carried interest for $75mm - this was confirmed in subsequent discussions with IR.
b) Kendeng - Joint Venture with Java Gold. IPJ has rights to earn into a sizeable portion of this excellent project.
c-1) Mahakam CU-AU Porphry cluster. As mentioned above, there appear to now be 4 clusters. The first cluster has 6 poryphries each of which could be a company maker. Score large potential for the Mahakam projects. There is sovereign risk in Indonesia on this one. IPJ has recently announced securing of CoWs for E & W Mahakam. N Mahakam does not yet have CoW status, but I'm sure they will achieve this in the near future.
c-2) Sebuluh Fault area of Kalimantan. They have retained two of the SIPPs which cover most of the SFault and I'm sure will achieve CoW status soon. Interesting that they are holding onto the SF SIPPs and are either putting 18 or so others on the back burner or relinquishing them. Read previous comments on this thread to see opinioned views of the SF and meaning to IPJ.
d) Mongolian Exploration Properties appear to have significant potential. Acquired through connection with Armand Beaudoin who is now Java Gold president. It was rumored that there was a strike in the Bayanhongor gold belt. The properties that IPJ holds and information available appear to point to IPJ, however, this has never been reported or confirmed. Mongolian properties became available after Russian efforts fell apart in the late 80s and start of 90s. This could be opportunity for the early bird..........
e) Carlin Trend, Nevada.......read the articles, potentially large opportunity. "The Tonka property (3,840 acres) lies directly between Newmont Mining's Gold Quarry mine (20 million ounces in reserves) and the Rain Mine (5 million ounces).
OPTIONS
As for lowering the exercise price of the options from $5+ to $2, I have VOTED AGAINST this. As has been mentioned, they have already been rewarded and can push the stock back to $5 easily and should have to perform to achieve this opportunity.
SHAREHOLDER RIGHTS PLAN
I see this as OK and have VOTED IN FAVOR. An earlier comment stated that if this rights plan were to be exercised, there would be dilution. I agree, but only if you did not exercise your rights. I intend to assess this when and if the time comes and would likely exercise my rights.
I take comment from the news release and special meeting notes to suggest that rights would be listed on the stock market such that one could trade their rights if the triggering event occurred. Perhaps others could comment on this. If this is true then it should add value to IPJ shares.
As has been alluded to before and recently, IPJ could improve their News Release frequency. I will forward a copy of this SI post to IPJ and hope they will hear the need for more news, through official channels also. They can always be reached toll free at 1-800-396-5188.
Best Regards,
Ron E |
