Doug, Often a mine or company gets tainted in peoples memory. for years now brokers will recall the high points and the fall from grace no matter what comes afterwards.
So if you revive IPM and get it trading you might face this.
By the way, do you want some BRE-X stock?, new directors, new direction <GGG> You understand the concept.
The financial aspects of corporate revival can be dealt with via papering the debts as most will take shares with some hope instead of a total bankruptcy and some thousands will up date the financials and so on. You could probaly get trading for less than $30,000 if the books have been done part way through the year and all debts can be papered. The only thing that might nail you dead as a duck is a SH lawsuit against the directors and the company. I think this will not occur as there is no apparent asset to grab or any director to strip of assets. The property is leased/optioned from another.
This is also a problem if they do not pay their BLM fees. In addition IPM agreed to pay some millions and has now defaulted so the company that leased the property can take it away in a heartbeat?(is this true) Do they have the $50,000 BLM fees(is that the correct amount for that area?)
The very first thing you should do is get some proper assays done before you spend all your money. If black rock is barren then walk away and make a new co. The newco can then stake or option land from first principals or it can option the prospective land that Cuhuca and Charles have in their group.
Any time and effort spent on IPM with no fresh and independent assays may well be wasted. Since you have the grid you can go and take a dozen samples and slay this dragon once and for all.
No amount of anecdotes from Aurum or others are acceptable, their words are a total waste of time. New fresh assays gathered, perhaps by Thall. Pay him his daily rate for his time and get it done. There are assays labs as Zeev has outlined and if they find zero, walk away from that property. Take no substitutes for new assays, there are none. ALl that has gone before is tainted.
One problem is there might not be enough time to do the assays before the claims lapse from no money to BLM, and you should never pay the BLM money unless you get title to the property I hope. What real claim does IPM have on the dirt?
If the company that owns the land comes up with the money at the last minute I would see this as a suspicious act and they will never let the new IPM that is out of their control get back in operation unless they get enough shares to run the same scam again.
I would say contact thall tonight and hire him to sample and assay and pay a premium to get the assays done ASAP, and use 2 labs as well. The nickel sulphur fusion will do it. The whole thing might cost $2000 including thalls time.? Ask him.
I can give what help I can from here as can thall and others. He may have been critical but he can be your friend too. Get his advice as he is close and can get others who can also help.
For me to fly down there would be far more $ that to have thall work locally, and he is probaly more capable in desert dirts than I am, as I have had little desert mining experience.
Bill |
