IPM Acquires 100% Ownership of BRX Property
Receives US $4.79 Million from Warrants
Toronto, March 6, 1997 -- International Precious Metals Corporation (IPM) announced today
that it had signed a letter of intent to acquire the balance of ownership of its Arizona BRX (Black
Rock Extended) property from Phoenix International Mining Inc. (Phoenix). The letter of intent
provides that IPM will pay an aggregate of US $27,000,000 to Phoenix on or before July 15,
1997, consisting of 1 million common shares and $17,000,000 in cash. The 1 million common
shares will be subject to an escrow agreement to be executed by IPM and Phoenix. The
completion of the transaction is conditional upon approval of same by the boards of directors of
both companies as well as the execution of a more formal acquisition agreement.
Additionally, the company reported that 1.7 million warrants at US $2.82 expiring February 23,
1997 were fully exercised. Proceeds from the warrants amounting to US $4.79 million leaves the
company well financed to complete all scheduled drilling and mining development of BRX for
1997, including the pre-feasibility study.
The company is also delighted to announce that Dr. Samuel Shaw III, Mining Engineer, is joining
the IPM management team. Dr. Shaw has over 40 years experience in the mining industry and was
a senior consultant with Behre Dolbear & Co., Inc. prior to his retirement in 1996. During his
tenure he served as Behre Dolbear's Project Leader to IPM for 15 months. Dr. Shaw personally
replicated the first successful leaching research undertaken by IPM - that work has now
progressed to successful recovery.
Dr. Shaw brings to IPM his expertise in project economics, capital and operating costing, open pit
and underground mining, engineering and reserve calculation. He is a notable addition to the
company's senior technical staff.
ISSUED AND OUTSTANDING CAPITAL 16, 759,407 |
