Thanks for the post Richard, I put a post up on compuserve, I will copy here
I posted to compuserve in regards to what data might be on IPM computers, I thought I would share it here
A nice post but it means little. I too have 25 years experience in computer
technology and I couldn't care less what is on IPM's computers. What is in
the ground and can it be developed is what counts.
This data base you are looking for is not some huge item. The data from 121
holes could fit onto a floppy disk.
The IPM data base is really a collection of 3rd party geological, sampling
and test results that are mostly hard paper copies done by B.D., Vercombes
and others.
A data base would be of no use, no banker would lend on IPM's data base.
These extensive 3D engineering programs and data bases you speak of are
done by 3rd party engineering firms such as Bateman or B.D. A junior minig
company never gets much into this other than for their own information
purposes etc. Any extensive work is a waste of time because they would have
to get a 3rd party engineering firm to do it over again anyway and is
likely why IPM never got around to it. IPM just has to do what is needed to
plan the next exploration phase
Senior companies like Anglo or Barrick will do some of this in house
because they have the resources and many projects to apply it to. These
companies never report a lot of in house assaying and metallurgy because
investors are more concerned with production and cash flow. They have put
countless mines into production so have credibility. Even so they will
hire an engineering firm in some cases, especially if they have to borrow
$$ for the project.
As I have mentioned before, many investors bought into IPM because of
the story and hype and don't have a good understanding of mining
exploration. I am not directing this at you, it is a general comment to put
my next few words in context
Everyone talks about the 0.046 verses 0.25 opt and other numbers are
mentioned from time to time. People talk as if they imply this number to
the whole property or is an expected recovery number or something. Anybody
in mining knows that assay or test results will and can vary widely between
locations. Lee Furlong mentioned numerous times and to many people that he
felt the 0.25 opt was a hot spot (or a high grade area on the property).
This info was in my newsletter as well.
It is typical in mining exploration for investors and the company alike
to talk about the high numbers because this is the good news items. A total
grade on a property cannot be done until many samples are taken and cutoff
grades applied. This is what IPM is working on now with Bateman.
In fact the 1st sq km. might not even be the right spot to begin a mine.
It is possible that there are higher grade areas on the property and you
can bet you will see assays greater than 0.25 as well as lower..
After more than 10 years of mining in Nevada, the higher grade, deep
deposits are just being developed now.
In all my analysis, I have used the 0.046 opt gold number and applied
about double for PGEs. This is based on know info confirmed from BD. My
comments have been, if they can in fact improve on these numbers because of
the complex ore issue masking higher grades than this will be gravy.
Many like to harp that IPM is dead and the story is over. This is far
from true. The metals are there, this has been proven. Next is how much is
there and then how much can be recovered. Too much is known and too many
peole now know about it for the desert gold story to roll over. Many others
are and will join the rush
<<A 'good' story will stand on its own two feet without needing
vociferous support.>>
The story was never good, IPM always had it's scam callers and nay sayers.
This was much more evident than most mining stocks. However there was a
time when the optism was definetly in charge, as Institutional & retail
investors drove the stock to highs. This was in what I called 'mining
mania' of 1996 and early 1997 before the BreX scandal broke. It was very
similiar in what we are seeing in the general equity markets today (DOW) a
mania. Some time soon, something will pop this bubble too
Just as sure as another mining mania will occur.
IPM, today is still an attractive risk/reward play. The stock carries
all the usual risks of any mining exploration play However in some ways it
has less risk because a potentially economic deposit has already been
discovered. The risk of economic extraction still remains. The potential
reward on this stock is higher than most mining plays. At the same time,
the stock carries an additional risk than most mining plays.
I refer to it as a political risk. The controversy and the will of some
people who are trying to protect their egos or are acting for other reasons
to deter IPM. This has cost IPM time and $$ which has diverted full
attention from BRX.
Sooner or later this will be resolved and if IPM is the company to
survive it, the rewards are potentially huge.
The hugest oil reserves in the world, 'the oil sands' were once called
scams and management of those companies was viewed with skeptism. The same
scam calling occured in the richest gold discovery in the world, Carlin and
Battle Mountain trends in Nevada.
IMO, history is repeating itself again in the SW desert and those who are
patient and invest for the long term will make fortunes. The oil sand and
Nevada companies went from penny scams to $$billions.
Time will tell,
Keep up the negative posts, the stocks may get cheaper (g)
Ron, still buying the DDs and other mining stocks
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