Thomas....I talked to Sally Burton today and reviewed various items. Not too much to add additional to what you posted from your conversation with her.
- Kendeng project awaiting trenching results. JVAG now has some $ to advance this project (my conclusion from the conversation).
- Gold conference April 20th in Toronto. Bill Burton will be giving a 20 minute presentation on IPJ. I have requested a video copy of the presentation......no promises, but.....just maybe it will be forwarded. At a minimum I requested that a transcript of the presentation be placed on the IPJ web site.....again, no promises.
- Mongolia.....IPJ is looking to JV their claims and have interested parties. They may have to present in Mongolia to interested JV parties....touch, feel, see the rock. JVAG now has some $ from ABX for Mongolian prospecting.. ABX is part of Joint management committee.
- The Macleans interview was a mission by Macleans to get a feel for the political scene in Indonesia. IMO if Suharto fails healthwise, his daughter will take over. Military is very strong and can thwart nationalists.
- The following comment is based on my opinion: Political scene very damaged by Bre-X events. Not only that, but the slow issuance of 7th CoWs did not excite investment generally.. IPJ still has 3...7th gen CoWs in the works. 2 for the Sebuluh Fault and 1 for Mahakam North.
- Sebuluh Fault is a secondary target to the Mahakams.
- North Mahakam is virtually unexplored at this time. She is not aware of any clusters on N Mahakam. RE comment: I seem to recall that in a previous conversation or release that N Mahakam did contain a cluster or two?? I seem to recall that you, Thomas, has a conversation with Bill Burton and Bill stated that there were clusters in the N Mahakam which were found after the DAYK takeover. (N Mahakam was a DAYK sipp) Help me with this Thomas.
- Minoro Hinoba-an deal still on track. Critical date is as you stated in your just previous post Thomas, April 30th. Sally Burton referred me to the November 27th IPJ release. This project will be covered off by Bill Burton Monday at the Gold Show. RE comment: With cash and Minoro deal closed I see value to C$4.50. It is likely that Burton will come up with similar numbers IMO and these low numbers do not give value to Mongolian efforts, Mahakams or JVAG Kendeng projects.
- Mahakam comment:
.......There are now more than 6 clusters.
.......They have approx 40 personnel working the Mahakams of which only 3 are expats. (2 Canadian and 1 Auz).
........They are working to define drill sites. First drilling likely to take place in the fall. They want to absolutely select the most promising sites for initial drilling.
........The moly values included with the CU are not to be trivialized. Approx .1% moly could be a guarded guess. Moly is worth approx 5xCU for value.
........There are also AU values with good showings at Luso (sp?)
........There are forestry road accesses within reasonable distances. They can barge drills up the river. The site is very steep. When I asked if a heavy lift helicopter could lift the drills from the barge to the drill sites she thought that was feasible. The thought being that it is expensive to build roads and the terrain is steep and actually walls of a caldera, some of which is collapsed.
Summary for timing (my opinions as to additional comment):
- April 20th. Could be an uptick based on enthusiasm built from the Gold show.
- April 30th. We should see a build up in price leading up to this critical date with Minoro.
- Release on the Mahakams? "TSE requires substantial report so....we will wait for the results."
Best regards,
Ron E |
