John:
I am looking for at least a quintuple of the stock from here. It
could go a lot higher. Management is expecting to possibly issue
some sort of dividend (?stock) after production is in gear, as the
earnings will be substantial. I am enclosing their latest release:
Regards,
Dan
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> November 6, 1996 Trading Symbol: ILP - VSE
> IPNRF - NASDAQ
>
> INTERNATIONAL PANORAMA POISED TO NET
> US$900 MILLION FROM COBALT PROJECT IN ZAIRE
>
> VANCOUVER, CANADA -- Project feasibility projections prepared by
> Bateman Minerals & Industrial Ltd. of South Africa, indicate earnings
> for International Panorama in excess U.S. $900 million after-tax over
> a 10 year period from its interest in the Kambove/Kakanda tailings
> project in the Shaba Region of Zaire.
>
> Bateman is a multi-national engineering firm with extensive expertise
> in the development of tailings deposits and a history of operations in
> Zaire. It has been engaged by International Panorma to produce a full
> feasibility study on the Kambove/Kakanda project. International
> Panorama is 51% owner and operator of the project under a joint
> venture with Gecamines, the state mining enterprise of Zaire. The
> agreement was approved and signed into law by the Zairian Parliament
> in September.
>
> Total tailings reserves on the project site are estimated to exceed 61
> million tonnes, grading an average of 0.19% cobalt and 0.98% copper.
> This equates to 255 million pounds of cobalt and 1.3 billion pounds of
> copper, with an in-ground metal value of over US $6 billion, based
> upon current metal prices. Preliminary metallurgical tests indicate
> recovery rates of 70% for cobalt and 90% for copper. Capital costs for
> a processing facility capable of 5 million tonnes annual throughput,
> are estimated at less than US $190 million. The plant will consist of
> agitated vat-leaching, solvent extraction and electrowinning treatment
> (SXEW), and a sulphuric acid production facility. Plant construction
> is scheduled to begin in May, 1997, with commercial metals production
> by late 1998.
>
> International Panorama President, Kenneth MacLeod, said "We are very
> pleased with the Bateman report, especially their projection of
> achieving capital payback in the first year of production and the
> generation of approximately US $900 million in after tax profits for
> International Panorama over a ten year project life. This forecast is
> based on an average cobalt price of approximately US $12 per pound.
> Currently the price is over US $20."
>
> The Bateman summary states: "A sensitivity analysis indicates the
> project to be successful at cobalt prices of US $6 per pound or more,
> and to be relatively insensitive to all other input variables."
>
> Cobalt is used in high temperature alloys, tool steels, rechargeable
> batteries, as well as permanent magnets.
>
> International Panorama's operations at Kambove and Kakanda are
> proceeding swiftly and smoothly. Dump & Dune Drillers have completed
> the drilling program at Kambove and Kakanda on schedule. The samples
> have been shipped to Johannesburg for assay and metallurgical
> analysis.
>
> The Company's personnel and consultants have not experienced any
> delays or disruptions in conducting business in Shaba or at the office
> in Kinshasa. Two of International Panorama's directors, Mr. Gilbert
> Mundela and Mr. John Tyson, are supervising the Company's affairs in
> Zaire. They point out that the unrest on the Rwandan border is
> occurring over 1,000 km from the Company's operations at Kambove and
> Kakanda and is a continuation of a long standing traditional rivalry
> between the Hutu and Tutsi tribes. The Company's Zairian management
> are of the opinion that the current strife will not affect future
> operations.
>
> This transaction was approved by the shareholders at the annual
> meeting held September 12, 1996, and is subject to approval by the
> Vancouver Stock Exchange.
>
> International Panorama's common shares are listed on the Vancouver
> Stock Exchange under the symbol ILP and on the NASDAQ Bulletin Board
> under the symbol IPNRF.
>
> INTERNATIONAL PANORAM RESOURCE CORP.
> "Kenneth MacLeod"
> Kenneth MacLeod, President
>
> For further information on International Panorama and the
> Kambove/Kakanda tailings project, please contact: 1-800-931-1818 or
> 9604) 687-7294
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