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Gold/Mining/Energy : International Precious Metals (IPMCF)
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To: DCBEN who wrote (31486)4/8/1998 1:16:00 PM
From: Bob Jagow  Read Replies (2) of 35569
 
Allan,
Did you go thru the FreeEdgar breakdown?
freeedgar.com
Only direct ref is in Item 13; other refs are to Form 20-F (anyone ever
try to get these?) and 21 below--there is a Table 21 that this may reference. -Bob
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Item 21 Subsidiaries. (Incorporated by reference from the
Registrant's Annual Report on Form
10-K for the fiscal year ended December 31, 1996).
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Item 13: The Company in 1997 made non-interest bearing loans to Namibian to
cover the operating office expenses of Namibian, including the partial
salaries of IPM employees. Two of the executive officers of Namibian were
executive officers of the Company. All monies accrued under this arrangement
have subsequently been converted to equity in Namibian and the shares have
been subsequently sold. The Company invested in Namibian commencing in 1996
with a view to expanding its exploration interest. Namibian utilized
employees of the company to carry out normal technical and financial duties,
with allocation of expenses associated with such functions accrued over time.
Employees of the Company were utilized when time was available from their
responsibilities with the Company.

The Company in 1997 made non-interest bearing loans to MG Gold to
cover the overhead and some operating expenses of MG Gold. Several of the
executive officers of MG Gold were also executive officers of the Company.
The Company has agreed to accept a combination of shares and cash as
repayment for the loan. The Company invested in MG Gold commencing in 1996
with a view to expanding its exploration interests. MG Gold utilized
employees of the Company to carry out normal technical and financial duties,
with allocation of expenses associated with such functions accrued over time.
Employees of the Company were utilized when time was available from their
responsibilities with the Company.
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