Mikey:
There is a negative on gold again with rumours about 300 tonne being sold by Belgium. Silver is having problems due to India buying slowing after the AG price run up, AU may be in sympathy. Oil prices are down, down, down, thus, this bodes well for lower inflation (not good for AU) but does not bode well for oil based economies.......they will soon run into deficit problems, cannot buy gold any longer, may be forced to sell gold.
The price over the past two days was affected by the above and continuing lack of positive sentiment for AU.
I phoned IPJ today:
- Hinoba on track
- Possible that with the shareholder's rights plan that some felt that there was some kind of take over happening. Not so, so, maybe some bailed on this thought.
- IPJ has 40 persons working on the Mahakams. Currently in hiring mode for another Sr Geologist plus geo tecks.
- IR stated that many callers have felt that the Share issue was a positive thing. From the $7.5 mill there will be costs of legal, prospectus and Std Securities fees.
- Cash and Investments now C$15 to 17 million plus the C$7 just raised. IPJ will feel very comfortable with a further US$15 million in the treasury when Minoro deal closes.
- Phillipines value to IPJ should be at approx $4 plus
I hold to the view that IPJ has ramped up for three reasons: a) the Minoro deal and b) the writeups stressing the potential for the Mahakam poryphrys and c) their relatively large liquidity. Support level will likely be around $2.85 to just a tad over $3 IMO.
NEWS RELEASE:
Shareholder approval of rights plan
International Pursuit Corporation IPJ
Shares issued 28,562,795 Mar 17 close $3.07
Wed 18 Mar 98 News Release
Mr Stephen Dattels reports
At a meeting of International Pursuit the shareholders approved the
adoption of a shareholder rights plan and the repricing of certain option
exercise prices to $2.00 per share. |
