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Gold/Mining/Energy : International Precious Metals (IPMCF)
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To: Daniel M. Whipple who wrote ()2/12/1997 3:13:00 PM
From: Ellis Rudman   of 35569
 
I just spoke to a representative of IPMCF from their corporate headquarters
in Toronto and learned the following.

1) The expiration date for the February warrants is 2/23. The rep
I spoke to would not quote as to how many warrants remain to be
exercised, however, he did say that as of the above date, the
company expected to see all 1.7 million warrants exercised. I
got the impression that, while he didn't specifically say, most
of these have already been exercised - I suspect many of them
today.

2) He did confirm that there is a near term meeting/presentation
to fund and money managers on the status of their progress and
as a promotion of the company itself.

3) The BD analysis of the final 1000 lbs samples has now been pushed
off to mid-March. While I got the impression that they (IPMCF)do not feel
there will be any degredation in result, it seems that there
remains some mechanical fine tuning in running samples in the
1000 lb trial test. He mentioned that they felt they need to use
a finer grind to achieve the expected results. I am by no means
a technician on the mining process so I don't want to mislead any-
one with my translation of his comments. However, I must say that
it seemed to me that it is just going to take a little longer than
expected to achieve the inevitable results we all expect!!!!!

He did not feel that any of the above information had any impact
whatsoever on today's tumultuous trading action.

Onward and upward!!

Ellis Rudman
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