Bill: I own a lot of GPGI and I would be buying IPMCF between 2 and 3 if I had more faith in management. Right now, it is a little to hypy for me. Usually, in situations like these, when reality sets in, the stock drops sharply and get dormant for some time, that is when I would reconsider them.
With GPGI it is very simple I bought at 1.375 because my evaluation showed that just on their beneficiated ores they are worth at least $10/share. I know a bunch of people both here and on IPMCF are talking about future prices in the 100's of dollars, but I consider that nothing short of Hype. My problem with IPMCF is very simple, as Dickens said, if you tell the truth, you need not have a good memory. The story keeps changing, first, a chloride leach, then a knelson or other concentrators for a 450 tons experiment the end of which will a Dore bar (zilch, of course, but they had another warrant conversion that required the stock to be higher, so management concocted a story), then a hydroxide leach, then a high temperature leach, then throw in some petzite to confuse the issue when all what needed to be said, was, hey guys bring this stock above 4 or we do not get the Feb conversion of warrants, and then Phoenix gets back the whole shabbang and we will have to add another 6 plus millions to the 30 Millions we have wasted so far on worthless ventures.
GPGI does the same thing but with peanuts instead of with millions. Furthermore, they happen to be sitting on an ore which is anywhere between 10 to 20 times richer than the IPMCF's bag of dirt, thus even a very expensive process such as smelting (which I estimate at least $150/ton but feel free to correct me) would be profitable. Not all the dirts are created equal, IPMCF must come under $75/ton cost or they are dead ducks. We have a big "valuation" argument out there today, and CL claims it would cost only $25/ton to extract these goodies, and I cannot accept these numbers with a leaching solution at about 90 C. At such temperatures everything gets chewed up fairly rapidly, replacement costs would be high, and I do not even count energy costs (even with a recuperative heat exchanging system you will still need to input about 50% of the required heat for each cycle from outside). OOPS, forgot gain in the heat of reaction, right?
Zeev |
