Updated Series of events;
August 5, 1997
Since 1992, Tajikistan (A former state in the U.S.S.R.) has suffered through a civil war followed by an extended period of civil unrest. During this time, the company acquired a world-class polymetallic ore deposit known as the Rushan Mining and Refining Complex. On June 27, 1997, a formal peace agreement brought an end to the civil disorder and armed conflict within the country. The President of Tajikistan has since personally reconfirmed the company's Original Agreements of Concession.
During the last three months the company has been actively constructing temporary roads and preparing accommodations. Initial work on the property consisted of removing overburden and trenching to expose the ore bodies. The company is currently negotiating the funds required to place the properties into production.
SEPTEMBER 2, 1997
Re-grading of the 8 km gravel road linking the newly completed base camp to an existing paved road is now finished. All the necessary supplies are now on site and a full trenching program is underway.
Ikar decides to put in motion a geological report to reconfirm the exciting figures previously obtained from Soviet Geological surveys and retested by Frank Cameron, P. Eng. the company's consulting mining engineer.
SEPTEMBER 18, 1997
The board of directors announced the appointment of Randall Andrus to the position of chief executive officer.
Randall Andrus has experience in business management and is knowledgeable in regards to the world's financial markets. This seems to be proving itself out over time as per the following developments.
SEPTEMBER 19, 1997
Fundamental Financial Corp. Announced a name change to IKAR Mineral Corp. (NASDAQ BB:IKAR), to better reflect the activities of the company.
Along with the name change is a new CUSIP No. 4517111-5 and trading symbol IKAR.
SEPTEMBER 24, 1997
Since his appointment to the position of chief executive officer of IKAR Mineral Corp., Randall Andrus has attended meetings with several fund managers in New York and London.
At this point in time Mr. Andrus was currently in Tajikistan, involved with meetings with senior members of the government as well as other interested parties.
October 1, 1997
After Mr. Andrus return from Tajikistan he confirmed Informative talks with all aspects of governmental involvement. Management at this point is confident in its prediction that it has now identified a world class tungsten ore deposit within their 400 square kilometer (100,000 acre) concession.
IKAR also at this time acquired the services of Kilborn SNC- Lavlin Engineering of Canada to perform a comprehensive, independent evaluation of this area starting mid October 1997. The company set this in motion to confirm the Russian reports as well as the completed survey of the property done by Mr. Frank Cameron, Engineer. They anticipated the report to be completed within eight weeks. All permits and licenses are in place and the company is in full compliance with all contractual agreements.
November 6, 1997
All financial and commercial commitments to this project have been completed in full and the political relationship between the government of Tajikistan and the company is secure.
December 2, 1997
Kilborn completes the collection of samples, and begin preparing their report based on the analysis of the samples and their survey.
Mr. Andrus said the engineering firm's field team told him they were "extremely impressed" with the quality of work undertaken, on the property, by Soviet geologists in the 1970's. That work included an exploratory tunnel, numerous audits and approximately 15,000 metres (49,200 ft.) Of trenching and horizontal drilling.
The Kilborn Engineering/SNC Lavalin engineers collected samples from these original working for assaying in Vancouver. In addition to these samples, they also obtained original Russian samples for re-assay here.
January 23, 1998
IKAR informs the shareholders as a result of extensive work conducted by Russian mining engineers when Tajikistan was part of the former Soviet Union.
Their work on the Tungsten discovery, known as the Ikar deposit, included:
ú Seven kilometers (4.35 miles) of tunneling, drifting and crosscuts;
ú 9,455.3 metres of underground drilling and 4,780 metres of surface drilling;
ú 7,336.5 cubic metres of trenching at the Huff site and 7,865 cubic metres of trenching in the Badzhu area including 1,239 cubic metres of trenching conducted by Ikar Mineral Corporation crews in 1997.
Their reports and maps show that underground workings at the Huff site totaled 4.6 kilometres from four adits, with 3,740.9 metres of underground drilling and 3,265.3 metres of surface drilling.
In the Badzhu area, underground workings from one main tunnel totaled 2.3 kilometres, with 5,714.4 metres of underground drilling and 1,514.7 metres of surface drilling.
IKAR also informed the shareholders that they will retain 90 percent of all net revenues from the Rushan Complex
SO IN EFFECT TUNNELS HAVE BEEN DUG AS WELL AS DRILLING WITH NO COST TO IKAR......... THIS WOULD HAVE COST IKAR AN IMMENSE AMOUNT OF MONEY IF THE HAD TO START FROM SCRATCH.
Ikar will retain 90 percent of all net revenues from the Rushan Complex. The Government of Tajikistan, which granted the joint venture concession, will receive 10 percent.
March 11, 1998
Ikar Mineral Corp.'s massive Barch iron ore/copper deposit in Tajikistan contains known mineralization worth an estimated $5 billion (USD) at today's prices.
Ikar Chief Executive Officer Randall Andrus said the value is based upon a Russian report which states that the Barch deposit contains 274 million metric tonnes of ore grading 52.6 percent iron and one percent copper.
Ikar Mineral Corp. on March 6 announced that its Ikar Deposit, located near the Barch site, is valued at $2.2 billion at today's prices. As identified within the report, this deposit contains 17.6 million tonnes of tungsten, gold, silver, copper and cobalt mineralization.
The 400-plus page report was compiled by senior Russian geologists who were members of a Russian-Tajik "Pamir Prospecting and Survey Expedition" which explored the Rushan complex between 1971-77, when Tajikistan was part of the Soviet Union.
In regard to the Barch deposit, the Russian report notes it is located at surface and is a single, plate-shaped vein of magnetite-hematite ore body, containing chalco pyrite with a visible length of 1,800 metres and an average grade of 52 percent Fe. The central portion of the deposit features a 650-metres-long exposure of hematite-magnetite ore. The deposit is well-placed geographically, about 2 km from the property's main road.
Andrus noted today that the Ikar and Barch deposits represent less than 10 percent of the Rushan complex, which totals about 100,000 acres.
Ikar Mineral Corp. is currently formulating plans for the 1998 exploration season, which will include further delineation of the Ikar and Barch mineralized zones.
April 16
NORTH VANCOUVER, British Columbia--(BUSINESS WIRE)--April 16, 1998--Ikar Mineral Corp. (OTC BB:IKAR - news) Chief Executive Officer Randall Andrus in May will meet with the International Monetary Fund, plus private investment groups in Dubai, London and New York, regarding senior financing for the development of Ikar's precious and base metals concession in Tajikistan.
The meeting with two senior IMF officials from Washington will take place in Dushanbe, the capital of Tajikistan.
The IMF has been in contact with Ikar after learning of the size and potential of the company's 100,000-acre Rushan Complex because its development will prove to be extremely meaningful to the emerging Tajik economy.
Ikar has always been keenly aware of this fact, and has worked closely with the Tajik government since acquiring the Rushan Complex in 1997. Prior exploration by Russian geologists revealed that the concession, located in the Pamir Region of southeastern Tajikistan, contains world-class deposits of tungsten and iron ore, plus economic values in gold, silver, copper and cobalt.
Ikar's ties to the Tajik government are underscored by the fact that apart from meeting the IMF officials in Dushanbe, Andrus also will meet with Y.N. Azimov, the prime minster of Tajikistan, and A.N. Niyozmamadov, the mayor of the Pamir Region to discuss additional infrastructure matters beneficial to both parties.
Andrus also will meet with A.O. Orifov, head of the Tajik Geology Headquarters to discuss Ikar's plan for the coming exploration season.
To date, Ikar's further development of the Rushan Concession, includes exploration, road-building and construction of camp facilities and an assay lab.
Andrus' meetings with investment syndicates in Dubai, London and New York will explore a number of financing proposals, including joint venture partnership.
Ikar Mineral Corp. itself is well-funded. As announced on March 31 of this year, the company has raised an additional $1 million USD in working capital in the form of a moving convertible debenture through the efforts of the Draco Group of Cos.
As a result of that last news release Mr. Andrus has been overseas for approx. one month. I am sure much has to be sorted out after his return. I myself have no doubts about the value of IKARS mineral rights to the property it has been confirmed by three sources. Also if the IMF agrees to fund the Tajik government
it only confirms that much more the value of the Rushan Complex hence a means for the government to pay back the funds to the IMF.
June 17, 1998 Ikar News Release
Ikar Announces 1998 Summer Work Program
NORTH VANCOUVER, British Columbia--(BUSINESS WIRE)--June 17, 1998--Mr. Andrus, CEO Ikar Mineral Corp. (OTC BB:IKAR) has recently returned from meetings with several internationally recognized humanitarian investment organizations whom have confirmed their interest regarding the development of the Ikar Mineral Corp. project in southeastern Tajikistan.
It is now believed that the summer work program initiated by Ikar management will follow the necessary guideline requirements that will allow these organizations the ability to take a more active role in the further development of the Ikar mining concession.
The 1998 summer work program includes drilling, retrenching, clean up of previous trenches, tunnels and adits as well as an in-depth study and analysis of required hydroelectric power sources, based on available water supplies.
The full assembly of the base camp, as well as further road construction, should also be completed during this period.
A third party detailed engineering analysis of all completed Russian mappings, documentation, plus the additional Kilborn findings will be amalgamated into a pre-feasibility study.
During the summer work program period Ikar Mineral Corp. will work closely with the above noted investment groups. It is hoped that upon completion of requested documentation, any necessary participation requirements for future investment will be fulfilled.
This is the first indication that IKAR is getting serious to implement a series of events to make the mining of their property a reality. This announcement was made after the CEO of Ikar returned from his meetings with the IMF, government officials of Tajikistan as well as other key people in regards to the development of the Ikar Mineral Corp. project in southeastern Tajikistan. Points to note they are;
1. Drilling, retrenching, and doing clean up of previous trenches, tunnels and adits as well as an in-depth study and analysis of required hydroelectric power sources, based on available water supplies.
2. They are setting up the base camp, as well as further road construction, they indicate that it should also be completed during this period.
3. A third party detailed engineering analysis of all completed Russian mappings, documentation, plus the additional Kilborn findings will be amalgamated into a pre-feasibility study.
4. They are going to be working closely with the above noted investment groups as the summer program progresses.
5. Ikar indicates once the summer program is completed and in conjunction of completed requested documentation, any necessary participation requirements for future investment will be fulfilled.
June 25, 1998
June 25, 1998 International Monetary Fund
700 19th Street, NW
Washington, D.C. 20431 USA
IMF Approves Three-Year ESAF Credit for Tajikistan
The International Monetary Fund (IMF) has approved a three-year loan for the Republic of Tajikistan under the Enhanced Structural Adjustment Facility (ESAF),1 equivalent to SDR 96 million (about US$128 million), to support the government's 1998-2001 economic program. The first annual loan is equivalent to SDR 36 million (about US$48 million) and is divided into two equal semiannual installments, the first of which is available immediately.
holders.
How much money is 128 Million in reality for this country..........
850 rubles (Taj) = $1 US dollar
So in effect you have the following;
128,000,000 US dollars x 850 rubies = 108,800,000,000.00 thats 108 Billion eight hundred million rubies...... To fathom the enormity of this amount of money one must realize that the average salary per month is around 8,500 rubles in American dollars it comes to 10 BUCKS PER MONTH! So what we have is a very low labor cost to extract and process the ore. You do not find this situation in many areas of the world..... low cost labor being one of them is the KEY......... You have mining companies in America and I know the labor here or say Canada is not 10 bucks per month. That amount can go far with 128 Million US dollars.......................
Then why the slide in price on IKAR?????????? I believe it is due to frustration. For I have seen this stock climb high in price only to fall back on low volume. Also the news release was very vague unless you have followed this stock and know much about it. It is very easy for myself knowing all the details on Ikar where it is going, but the average investor would not be able to understand the news if he has a limited knowledge of the series of events that have taken place with IKAR and the value of their property. Which has back up material to support their claims. (400 page Russian report, and a Kilborn report that verifys some of the Russian findings) Also Kilborn did not just receive samples when they came to their conclusions they went to the location and took their own samples as well as the Russian samples.
July 13 1998
Ikar Mineral Corp. Makes Announcement
NORTH VANCOUVER, British Columbia--(BUSINESS WIRE)--July 13, 1998--On March 31, 1998 the company announced that it had raised $1 million US dollars in working capital through the placement of Convertible Debentures.
It has come to the company's attention that any shares which might be issued pursuant to a conversion, as presently structured and if exercised, may not comply with applicable securities laws. No shares have been issued by way of conversion. The company has sought the opinion of counsel to address this concern jointly with the debenture
holders.
Well that last news release is a mystery............. although I feel it has some relationship to why IKAR's stock is so depressed and will refrain from commenting on it since the company informed me that they were addressing the issue and would clarify it at the appropriate time. So the bottom line is that this stock has been hammered lately.... why? I have my own feelings and wish not to speculate but I know for myself it is not because of anything bad that has transpired with IKAR........ Quite the opposite it seems that things are really starting to come together. All I can say is I am waiting anxiously for the next release and others to follow to prove out what I feel this Company really has going for itself..................
Before investing call the company the number is toll free 1-888-322-IKAR (4527)
Total issued shares are under 19 Million with approx. 7 Million restricted it doesn't take a brain scientist to understand value when Billions are mentioned backed up three reports to boot...............
One thing I do know about IKAR they have never hired a promoter and they have seemed to have kept the total issued share constant a mere 18 Million plus some. You will also notice when you call them they do not paint wild rosy pictures they conduct themselves as professionals.
So their you have it and remember it's my opinion. |
