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Gold/Mining/Energy : International Precious Metals (IPMCF)
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To: Mr Logic who wrote (517)11/19/1996 1:40:00 PM
From: Alan Vennix   of 35569
 
Don't believe the ownership is 80% as of now. According to the annual report it was 25% as of 12/31/95 with options to increase by 10% with payment of 10,000 ounces of gold or equivalent after completion of feasibility study, option of adding 25% if 1,000 ton/day mining facility has commenced construction by October, 1998, and option to obtain another 20% by increasing mining facility from 1000 T/D to 10,000 T/D.

Thus, interest in BRX properties (initial 6 sq km) would be:
25% now
35% possible after completing feasibility study (4/97 ?)
60% upon commencement of 1000 T/D facility by Oct 1998
80% upon expansion to 10,000 T/D (1999+ ?)

Do not know ownership percent of properties acquired after initial BRX deal.

Al Vennix
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