I think you better go back and read that release a little closer. That is one of the absolute worse news releases I have ever seen or read. It has not yet conducted a feasibility study or otherwise determined whether any of the deposits may be mined at a profit.
Alan has known and KNOWS the SEC is looking at this stock and has been for sometime. He has not conveyed that FACT and is wanting to down play that release with a silver lining.
Now I have been telling Alan for months since it was $1.50 that there was stock coming into the float driving the price down. Friday on anticpated news 400,000 shares went though and only a .04 - .10 change in the price. I remember when that amount of volume would have caused the price to soar to $3.00. And do not give me this short crap either.
Now maybe you folks do not see what that release says so I will post some highlights since it is fraught with words like error, retracted, not, no, inaccurate, incomplete or unproven, etc. Also the release basically says there is not one item in the past 2 years to give anyone an underlying basis for buying this stock. Here are the highlights that are similiar to ALan's posts when he bashed MINE:
It has come to the Company's attention that between June, 1996 and April, 1998 that its presentation and categorization of certain technical and other information in the press releases referred to below relating to its interest in the Rushan mineral concession located in the Republic of Tajikistan either could be considered or was inaccurate, incomplete or unproven.
in error and are retracted. Can't color that statement.
Exploration activity reported in press releases dated October 24, 1996, April 24, 1997, August 5, 1997, January 23, 1998, February 12, 1998 and February 26, 1998 is retracted.
Other deposits are at a preliminary stage of exploration Exploration is NOT mining.
The estimate of an additional one million ounces of gold in the ''probable to possible'' category appearing in the July 19, 1996 press release has not been verified and is therefore retracted.
represent preliminary exploration results only and are therefore retracted.
is in error and is retracted.
As a result, further exploration is required to evaluate this hypothesis.
Rushan concession as ''world class''. Current geological information is not sufficient to support this statement. It is therefore retracted.
As no current feasibility study has been completed, no ''ore'' or ''proven reserves'' have been delineated on the properties.
The locations from which these samples were taken have not been ascertained, the samples have no technical descriptions available, and cannot be taken as defining a mineralized zone. Note: I seem to remember someone making this point on MINE.
The company therefore does not consider the assay information to be reliable in estimating the mineralization in the Rushan concession and retracts it.
These statements are not supported by any economic analysis or feasibility study and are therefore retracted.
as the press release incorrectly states.
These values do not represent an estimate of net cash value, if any, which can only be estimated after mineralization has been proven through further exploration and a study to determine economic viability (which would consider costs of extraction, processing, transportation and the period over which the resource would be mined) has been completed.
based on tonnage and grade estimates that are preliminary only and is therefore retracted.
grades which are substantially in excess of those inferred and indicated resource estimates referred to above, which are retracted.
This assumption has no basis and is retracted.
based and which also appeared in the press releases dated October 1, 1997, are retracted.
the assays of samples taken by Frank Cameron which, for the reasons stated above, are not considered to be reliable
either state or might be interpreted as implying that Ikar either had or will have mining operations. Ikar is an exploration stage company and does not have any mining operations.
This information was not intended to imply that mining operations were to be or had commenced.
Gary Swancey
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