Heres today's news release, clarifying I hope to VSE's satisfaction the issues:
Clarification and update
International Panorama Resource Corp ILP
Shares issued 9,628,365 Dec 9 close $3.50
Wed 11 Dec 96 News Release
Mr Adrian Hartmann reports
The company has been asked by the VSE to clarify and update its recent
announcements with regard to its agreement with PTM Minerals Limited for
the acquisition of a 51% interest in the Kambove and Kakanda copper/cobalt
tailings deposits in Shaba Province, Zaire. The company emphasizes that the
data relating to the size and grade of the tailings deposits at Kambove and
Kakanda have been provided by Gecamines, the Zaire state-owned mining
company which previously operated the concentrator at Kakanda and continues
to operate the concentrator at Kambove. To date, in addition to Gecamines
data, the company has received the results of only limited, initial
analysis of the grade and metallurgy of samples taken from the deposits. A
drilling program, consisting of approximately 300 power-auger holes has now
been completed by the company's South African contractor and the results of
grade and tonnage analysis from that program are expected shortly. Further,
the company wishes to emphasize the preliminary nature of the project
feasibility projections (as reported in Stockwatch November 7 1996) which
have been received from its South African engineers, Bateman Minerals &
Industrial Ltd. Substantially all of the data upon which these projections
were based were provided by Gecamines. Although, the company has no reason
to doubt the Gecamines data, all design data and cost estimates provided by
Bateman will require verification from the structured investigative studies
(including the drilling program referred to above) which will comprise the
full project feasibility analysis.
Separately, the Company will discontinue dissemination of an independent
report on the company and its Zaire project written by Scott Fraser in his
financial newsletter, The Natural Contrarian. In a recent special update
and alert to his subscribers, Mr Fraser made certain positive projections
with respect to the company's share price. The predictions contained in the
special update and alert were those of Mr Fraser alone and not those of the
company. Finally, the company reports that it will file shortly for
regulatory approval the definitive Zaire project documentation. All of the
contract documentation and the subject transactions have now been
completed, subject to regulatory acceptance. The transactions were approved
by the company's shareholders at its annual general meting held in
September 1996. The company has now received a draft of the required formal
project valuation prepared by its Canadian consultants and will submit this
report, together with other required documentation, once its text has been
finalized.
(c) Copyright 1996 Canjex Publishing Ltd. canada-stockwatch.com
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