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Gold/Mining/Energy : International Panorama
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To: Aloysius Q. Finnegan who wrote (47)2/28/1997 1:53:00 AM
From: Charles Kalb   of 264
 
To All, I talked with Zak in IR today. Watching the recent price erosion almost had me pushing the ejection seat button today; however, after talking with Zak my fears were greatly calmed for the following reasons.

ILP believes the recent price weakness is primarily due to selling of 1.1 million 0.70 warrants that became eligible in late December. Zak thought the selling should be just about dried up now. I was told that investor perceptions of the political risk can move the stock, but from ILP's perspective they are not very concerned. In fact, they believe a turnover of the Mobutu government would be a positive development. They seem to have all the bases covered for all potential political scenarios. Democratic elections scheduled for May.

The analysts which visited the property Feb.7 through Feb. 12 were primarily financial analysts representing institutions which might be involved in the financing. ILP is confident that full financing will be arranged.

The Bateman interim feasibility report is expected by next Wednesday, prefeasibility study in May, and bankable feasibility study in August. Construction start end of summer. I was told the George Cross newsletter recently recommended International Panorama. This stock definitely requires a longer-term mindset, but the fundamentals still seem to be in place. In fact, selling of the warrants has presented an entry point for investors at about the same level when Scott Fraser's strong recommendation in The Natural Contrarian came out a few months ago and subsequently caused a substantial run up in price.

Charles
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