Robert: Here is Pressrelease from IPM's www-site. Olga
--------------------------------
December 19, 1996
INTERNATIONAL PRECIOUS METALS CORPORATION
LATEST PRESS RELEASE
NASDAQ: IPMCF
CDN: IPMC
IPM Commences Pilot Scale Test Program
Toronto, December 19, 1996 -- International Precious Metals Corporation (IPM) announced today that, based on successful bench scale tests for gold and platinum, it has begun a scaled up pilot plant test program. Samples recovered from its leach process were assayed by two independent laboratories, one Canadian based and the other U.S. based. The gold assay results were reported as follows:
November 1996 Leach Results
Lab A
Sample no. oz/ton grams/ton
111 0.312 10.69 118 0.312 10.69
147 0.228 7.82
158 0.363 12.43
201 0.270 9.26
207 0.298 10.20
Lab B
Sample no oz/ton gram/ton
111 0.266 9.13
118 0.272 9.33
147 0.189 6.48
158 0.309 10.59
201 0.237 8.11
207 0.266 9.13
The samples selected are representative samples from six of the 121 holes drilled by IPM earlier this year on the first of six 1 square kilometer BRX grids. The original grid of 121 drill holes to 30 meters depth (100 feet) tested 50 million tons of BRX (Black Rock Extended) material. The above samples are representative of the entire hole from
the locations detailed in the accompanying diagram at the end of this release. These results contrast with the results obtained by IPM earlier in 1996 largely due to a breakthrough in assaying of the material. The previous results were obtained via a leaching process that by its very nature failed to produce total material values but rather a minimal recoverable number. These new results are both higher and reproducible, with a very high degree of correlation.
March 1996 Leach Results
Averages on Holes
Sample No. oz./ton grams/tonne
111 0.068 2.33
118 0.057 1.95
147 0.068 2.33
158 0.042 1.44
201 0.037 1.27
207 0.046 1.58
The significance of these greatly improved recovery values is profound for IPM - it breaks an eighteen month technical log-jam and enables the company to carry out assaying with a high degree of confidence, thus allowing for the work on recovery techniques to be advanced at a greater rate. The company's sustained technical effort produced the breakthrough, substantiating the recovery of significant amounts of physical gold as demonstrated by the comparison of results. Platinum results from these same bench scale tests are awaiting returns of verification assays.
IPM will be able to apply the bench scale of this leach process as a routine assay procedure for most future BRX work, as well as specific check assaying on the original grid samples. This should enable IPM to bring the 1 square kilometer grid to resource status in the first half of 1997. Drilling will also commence on the five additional grids as
previously outlined in the company's regional exploration program in 1995. Results from the five grids will then be incorporated with the existing results from the original grid in order to determine the overall scale of the BRX project during 1997. Additionally, exploration drill holes from the primary source material (hard rock) of up to 150 meters in depth and hard-rock core samples previously obtained during the 1996 diamond drilling program will also be tested
for recovery.
On December 16th, IPM instructed an independent laboratory to initiate a scaled-up recovery test program. First stage testing will start with 50 pound samples and in the second stage will move up to 1,000 pound samples in a pilot scale facility. This round of pilot scale testing should take approximately eight weeks to complete. During the normal
course of the small scale and pilot scale tests, IPM's mining consultants Behre Dolbear & Co., Inc. will continue their participation as an integral part of the program. The precious metal products from the pilot scale tests will be evaluated by refiners who have already tested samples from the bench scale program and have expressed interest in purchasing the precious metal concentrates.
The company believes it is now in a very good position to advance the BRX project to a resource status during the first half of 1997 utilizing the existing BRX grid and the additional five that IPM plans to drill in order to augment the overall resource status. Proceeds from warrants that have been exercised and those that the company expects to be exercised will provide the funding for this work.
<PICTURE>
BRX Drill Grid (1 sq. km.) and relative locations of bulk samples used in recovery testing
---------------------------------- |
