International Precious Metals (IPMCF) Message Board

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Gold/Mining/Energy : International Precious Metals (IPMCF)

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To: Bruce McGaughey who wrote (210)	10/22/1996 4:02:00 PM
From: Karl Zetmeir	of 35569

Report from the Roving Reporter ... Part II Before I left .. I solicited questions you all would like to have answered ... Zeev ... the burn rate will allow them another 10 months at the current rate. The warrant redemption in 97 will help considerably. However, it's important to note the COB is Alan Doyle .. a multi-billionaire and this is a relatively minor investment and concern for him at the present time. I've no doubt that whatever financing IPM needs will be available in one form or another. It is the intent to move the total shares to 20M from the current 16 mil ... but only when the stock has reached $15-20 so there's not value dillution to current shareholders. R. Mazzarella ... IPM has a very low opinion of GPGI's Mgmt. They too have heard the sludge shipment to NJ has not been sent. However, I also think IPM believes GPGI also has significant complex mineralization deposits. Eric Tai ... bulk testing is moving along. Obviously IPM is restrained by their sub's production and testing schedule just like I am when I try to get a Dr's appt. They are testing and tweaking various recovery methods singularly and in combinations. My understanding is the mineralization begins 2' down (overburden) and continues to bedrock ... 350' to 425' down. They are a bit confused as to why assays for the source rock (a mountain eons ago of 6,000' and now about 50' high ... doesn't have significant difference from the rest of the soil in the basin. What's in store for IPM? This is an exploration company with the present intentions to go into production. However as with any entrepreneurial venture, anything is for sale. And, I believe other properties are under consideration for exploration separate from the BXM deposit. It's difficult to keep a good entrepreneur down ... and to think this will be the last exploration ... probably not. Now that the geology of the BXM deposit has begun to be understood ... I'm sure Le Furlong and his team have been searching for similar formations in the Southwest. The success of IPM will be predicated on successful, demonstratable, verifiable, repetitive assays ... which I believe they can and will do. With those credentials in hand, a lot of $$ begins to flow and the fruits of venture capitalization (that us, guys!) will begin to pay off. IMO ... the stock is a bargain at this point and I look for a double or triple by year end based on successful assays from Ledoux and the B-D report. I'll be more than happy to answer any additional questions as I certainly may not have covered (sure I didn't) everything here.

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