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Gold/Mining/Energy : $0.50 and Under *** CONTEST*** (MAY)
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To: Ed Pakstas who wrote (109)5/4/1998 7:36:00 PM
From: Sapper   of 219
 
Ed et al:

IMA Resources (IRU-V) was one of my picks for the April Contest, but unfortunately we didn't get the move I was expecting until now........I was late in picking it for the May contest so I might just have to claim half of that winning T-Shirt!!! <ggg>

I was right.....something was up.......IRU and Viceroy (VOT-T) just announced that VOY will purchase IRU's share of the MASA project in Argentina......My calculations indicate that this deal is valued at a minimum of $6.9 million from IRUs perspective (2.2 million VOY shs @ 2.70; forgiveness of $1 million of outstanding debts and a 2 % nsr).........With 13.2 million shares o/s, that deal is worth 0.52 per share to IRU.

Now the interesting part...the stock was halted for an announcement Friday, closing @ 0.44 and resumed trading today, closing @ 0.56....up 0.12..........only 27k shares traded!..........now, I'm either brain-dead or the word hasn't gotten out yet!.........this seems to be a no-brainer.....in other words, IRU has a $7 million windfall and the market cap only increased by $1.6 million!

Just thought I'd share this DD with you.....IMHO the market will eventually recognize the opportunity........if someone can point out any fault in my analysis, I'd certainly appreciate it.
Good Luck to all!

Sapper
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