Hey, Mr Jay Taylor. Are you still averaging down on IPMCF like you told all your subscribers you were doing:-)
International Precious Metals Files for Chapter 11
Bankruptcy
Phoenix, June 19 (Bloomberg) -- International
Precious Metals Corp., which last year was the
most prominent of a handful of small mining
companies looking for gold in the Arizona desert,
today filed for bankruptcy reorganization.
The filing comes seven months after the company
released independent tests that showed it found
less gold than it previously indicated to investors.
Its stock, which traded as high as 13 3/4 in
March 1997, fell 9 cents to 3 cents today.
IPM, which is based in Toronto but has most of its
operations in Phoenix, claimed it had developed
new technology for extracting gold from desert
sands. Mining experts, however, were skeptical
of the company's methods.
We found nothing there,'' said Nyal Niemuth,
a mining engineer with the Arizona
Department of Mines and Mineral Resources.
''If there had been a discovery, somebody would
have been interested and it would have gone
forward.''
An IPM spokesman wasn't immediately available
to comment. A recording at the company's
Phoenix office said it was closed today.
The company issued a brief statement saying it
had filed for Chapter 11 bankruptcy. A listing of
the company's assets and liabilities wasn't
immediately available from the bankruptcy court.
IPM sued the Arizona mining department in April
1997 to keep it from commenting on the
company.
I never had any doubts I was correct,'' Niemuth
said of earlier statements he made questioning
IPM's gold claims.
IPM was delisted from the Nasdaq SmallCap
Market in April of this year in part because of
questions about statements it made in press
releases regarding test results at its Arizona mine,
the company said.
IPM was one of about half a dozen small U.S. and
Canadian mining companies known as ''desert-dirt
plays'' because of their claims of previously
undiscovered gold strikes in Arizona and
California.
It developed a feverish following among some
investors, who posted comments about the
company on Internet bulletin boards. On the
Silicon Investor site (www.techstocks.com),
IPM had more comments posted than most
other companies, according to the site's
administrator.
MM |
