To All
FIRST A PERSONAL NOTE:
(1) I want to emphasize that it is Global's intention to keep all of you informed as to progress. I also want to apologize for this delay in releasing the following information to you. On Friday 9/4 I called Bob Walsh. He was not at home.I left a message that we would have an information release today, 9/8. Unfortunately Bob was not at home and did not post my message until today.
(2) Because these first shipments are small, Sabin Metals suggested that for economy for both Sabin as well as Global that we combine shipment 1 and shipment 2. This started the 30-day to settlement clock one week later than our first shipment arrived at Sabin. I am pleased to report that Sabin did settle 30-days after receipt of our second shipment as promised. For this same reason shipment 3 & 4 as well shipment 5& 6 have been combined.
The following shall be posted on the GPGI web site:
On September 3rd Sabin Metals cut the first of what we expect to be a continuous pipeline of settlement checks to Global Platinum. This settlement was for shipment 1 & 2 which were combined. As expected, the value of these first two shipments were not in themselves impressive however Sabin Metals was able to actually extract slightly more in value than our own in-house assay showed was in the shipment. The value of this is in the confidence gained both in our in-house assay ability as well as our confidence in the ability of Sabin Metals to extract this value from the resin.
Much valuable knowledge has been gained in processing these early shipments. This knowledge has resulted in modifications to the processing procedure, which have already yielded significant benefits. Assays of shipments 3 through 6 show profound increases in the quantities of metal present in the resin. Procedures at the mill for processing with resin are being continuously upgraded as we work toward the goal of extracting the maximum amount metal from the ore.
Global plans to report settlement payments when a series of such payments can reflect both an average over time plus an indication of the direction in which payments are heading. It is also too early for Global to be able to offer a reliable estimate of the quantity of head ore required to produce a given quantity of metal. Those figures will be available at such time as we stabilize production.
As has been previously reported, funding has been received and necessary equipment has been ordered which will enable Global to completely process fifty-tons of ore per day. Included are resin columns, which will increase weekly shipments quantities five fold over what Global can ship today.
Rhodium has been much more difficult to work with than gold, platinum or palladium. The original resin material, while effective in absorbing gold platinum and palladium, was only minimally effective with rhodium. Consequently we have thousands of gallons of liquor containing rhodium located at the mill. After testing several alternate resins, some suggested by Sabin Metals, a resin has been successfully tested which can extract a significant amount of the rhodium. Production quantities of this resin are now on order.
We thank our shareholders for their patience we feel that this patience will be shortly rewarded.
Dennis DeNoble
This communication to shareholders and the public contains certain forward-looking statements, Actual results may differ materially from those indicated by such statements. All statements, other than statements of historical fact, included herein, including, without limitation, statements regarding future production, are forward looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
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