International Tournigan(ITG.V)announces major discovery Message Board

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Gold/Mining/Energy : International Tournigan(ITG.V)announces major discovery

ITG 30.23

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Feb 28 4:00 PM EST

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To: Ian Murray who wrote (236)	3/18/1998 9:44:00 AM
From: rdww	of 347

HRA note on ITG ITG is starting to look like "the gang that couldn't shoot straight". The stock is currently halted pending approval of ITG's acquisition of the Berengeula project in Peru. Berengeula contains a reserve of 14MM t grading 1.3%Cu, 4-7 opt Ag + 18% Mn. The vendor is Kappes Cassidy and Ass (KCA), a respected Nevada engineering firm that will add 2 directors to ITG's bd if the acquistion is approved. KCA's preliminary processing sheet seems reasonable and the concept of building a mill that would proceed 3 different Mn grades is a good one. ITG must finance a bankable feasability study at a cost of $3MM + issue 8MM shrs to acquire the project. Even w/ Ag's recent weakness, the acquisition of a project with 50-90 MM drill proven oz should have attracted more attention. It is probably a measure of the market's mistrust of ITG's management that the stock has been weak. HOLD for now, awaiting the VSE's decision on the project and details of how the feasability will be financed.

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