PR-NR TODAY:( Don't confuse Doyle Role of Chairman with CEO position of Mr Yellich <John>. )
New CEO; president resigns; property purchase
International Precious Metals Corp IPMC
Shares issued 17,758,280 Mar 12 close $1.00
Tue 24 Mar 98 News Release
Mr Alan Doyle reports
International Precious Metals now owns a 100% interest in the Black Rock
property as a result of completing the purchase of the property from Omega
Investment. Under the terms of the agreement, IPM will issue a promissory
note agreeing to pay to Omega $1,000,000 on or before December 15 1998, and
will grant to Omega a 1.5% net smelter royalty interest in the Black Rock
property. IPM also agreed to release from escrow 3,000,000 common shares
previously issued to Omega. The 3,000,000 common shares are subject to
restrictions on their resale until June 1999.
John Yellich has been appointed CEO with responsibility for the day to day
operations of IPM. Mr Yellich, who has been with the company since the
summer of 1997, is a professional geologist who has over 27 years of
experience in the mining and environmental industry with both a Fortune 100
company and as a private consultant.
Mr Yellich has directed and managed successful exploration programs, mine
development and permitting for proposed conventional open pit, in situ
leach, and underground projects, including negotiations with state and
federal agencies, in Wyoming, Montana, North and South Dakota, Minnesota,
Michigan, Wisconsin, New Mexico, Colorado, Virginia, Idaho, and
Saskatchewan, Canada. IPM's board of directors has the utmost confidence
that Mr Yellich has the skills and experience necessary to complete a gold
resource statement for the first 1 sq km grid of the Black Rock property.
Lee Furlong has resigned as president and a director of IPM. |
