Sojourner Smith and ALL: more info and clarification on old info....
1. First off, some clarification on gold reports. The TUNS report on the 28 samples has already been released biz.yahoo.com . These 28 samples were assayed on the tonnage from the trenchings (I might add, they are extremely good if you were to look them over).
2. The 4 drill holes to a depth of 200-300 meters (approx. 1000ft) have NOT been started yet ( biz.yahoo.com ). This should be underway in approx. 2-3 weeks with a 2 week time frame to complete the 4 holes. This material must then be sent to TUNS for sampling. I would estimate 1-1 1/2 months for results from company.
3. There is also to be bulk sampling occurring within the next 2 weeks with the results from TUNS being released at that time.
4. There is also a complete sampling survey which must be done on the entire site (drilling of approx. 100+ holes) which will take approx. 12 months to complete.
5. The garnets are softball sized stones of industrial grade to be used for abrasives. There is several million tons of material at the site.
6. The time frame for the votes,etc. is just about on track with my previous estimates in my prior post. So YES, the buyout will NOT occur before Sept.1,1998 more like end of Sept.-mid Oct. as I stated before, that is, IF it happens at all. There also is a possibility of a joint venture with a larger corporation and also a possibility of a higher buyout. Of course, JMHO based on my DD.
7. Shares in float (shares not held by officers,insiders (tightly held shares)) are approx. 7,600,000 shares. BTW, I would suggest that everyone speak with their brokers about their shares of IDCN because I think you will find that you are not a shareholder (i.e you were shorted shares) and WILL NOT BE ABLE TO VOTE!! Only REGISTERED shareholders as of record date to be set will be allowed to vote. I have a strong inclination that we WILL see a PR tomorrow describing this somewhat along with some clarification on the buyout. If anyone calls in their CERTS, I would suggest that you request an EXPRESS DELIVERY (3 business days) of your CERTS. The MM's are scrambling as we speak to deliver CERTS to shareholders.
However, revenues will begin to come in as company starts open pit mining on area where trenchings were performed. This area has visible quartz veins w/AU at the surface. Open pit mining is very inexpensive and should easily help fund the rest of the operations. The mine itself needs to be pumped out as it has water problems (symtomatic of mosts mines in the Nova Scotia area). Most mines were abandoned because of this water problem back in the 1800's because the methods for pumping it out got too costly. The mine itself has I believe 4 ramps down to a depth of approx. 418ft. The prospect for a large gold deposit lies somewhat further down near the intersections.
In short, reread the PR's very carefully and you will get a better understanding of what is going on.
P.S. As far as Mr. Papa is concerned, well, I would not take what he states to be written in stone. Again, JMHO based on my DD.
That about wraps it up in a nutshell!!!
Take care all,
CB |
