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Gold/Mining/Energy : International Precious Metals (IPMCF)
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To: J.L. who wrote (3349)3/5/1997 10:52:00 AM
From: Bruce McGaughey   of 35569
 
Dave- There is no "poison pill" or anything of the kind to prevent
a take-over. This is according to someone that went to the meeting of
fund managers/analysts on 2-14. The company's management was not too
worried about a buy-out, though, since most of the shares are
held closely by institutions or major stock holders. Insiders hold
10% of the shares.
The are 50 MM tons of material in the first 30 meters of the first
sq km. The dirt extends 450 feet to bedrock. The metals in the
first 30 meters of the first sq km are all that have been accurately
drilled/measured. I think there were 120 or so drill holes. These drill
holes contain platinum and gold at a 2:1 ratio. Twice as much
platinum as gold. The recovery is now up to 0.25 ounces per ton
for the gold. We've yet to hear about the platinum. The company
wants to be doubly sure about platinum levels before releasing them.
The metals from these drill holes are "open to all sides" which
means the levels don't fall off in any direction as you move around
the first sq km.....which means that you can assume the metals
are the same level beyond where the company has drilled.
Please refer to the Dec "President's Letter" on the web-site,
where Lee Furlong sites his November "Letter", saying,
"although we only have five additional one sq kilomter grids
surveyed, the total geochemical anomolous area of gold and
platinum is about 23 sq/km. Maybe the most profound aspect
is the potential size of BRX."
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