NEWSRELEASE??
Idaho Consolidated further defines Stillwater dispute
Idaho Consolidated Metals Corp IDO
Shares issued 9,434,650 Sep 20 close $0.36
Tue 21 Sept 99 News Release
Mr. Wilf Struck reports
Idaho Consolidated Metals continues to assert its ownership over a group of
claims straddling a portion of ground through which Stillwater Mining
Company is tunnelling its twin-adit East Boulder development block. The
East Boulder project is part of an expansion that will see Stillwater
produce approximately 1.2 million ounces of platinum/palladium annually.
ICMC president, Del Steiner, said: "We uncovered this claim group error in
the course of our normal exploration activities. It's an asset now, and we
owe it to our shareholders to pursue the matter further. We asked
Stillwater in our July meeting and subsequent correspondence to show us any
defects in our title. They never responded until their Sept. 9 release,
which we feel is inadequate."
As previously announced, ICMC has staked a total of 214 contiguous claims
covering 3,725 acres known as the Picket Pin zone. The 12-mile-long block
runs in a northwesterly direction transecting the northeasterly trending
Stillwater claims. The Idaho Consolidated land package, as it crosses the
now-disputed Stillwater ground, covers approximately 3,000 feet of the
Stillwater property strike length, including 2,800 feet of the East Boulder
twin adits.
By way of background, senior executives from both companies met in early
July at the Stillwater offices in Columbus, Mont., to discuss the matter.
Specifically, the discrepancy involves 10 active Ian claims, as they are
called, controlled by Stillwater. Using the data provided by Stillwater
(and its predecessors) to the Bureau of Land Management in the form of
maps, location notices and rental fee payments (most recently dated Aug.
20, 1999), the documentation on the Ian claims places them in the south
portion of Section 22 and the north portion of Section 27 about one mile
south of the location claimed by Stillwater. This places the claim group
substantially east of the strike of the East Boulder adits. This location
by Stillwater and its predecessors of the Ian claims has been continuous
from 1979 based on filings with the BLM and Sweetgrass country.
Stillwater received its exploration and plan of operations approvals from
the U.S. Forest Service with the agency's assumption that the adits would
be constructed on SMC's mining claims. It is ICMC's contention as to the
disputed 2,800 feet that this assumption was incorrect and that based on
U.S. and Montana mining law SMC has no authority to run tunnels through
ICMC's claims without paying compensation.
On Sept. 8 of this year, ICMC issued a press release announcing that a
portion of its claims in the Picket Pin block cover approximately 2,800
feet of Stillwater's East Boulder development adits and that these claims
are valid and superior to any claim by Stillwater. On Sept. 9, Stillwater
issued a release disagreeing with ICMC's Sept. 8 statement, noting,
"Independent counsel has advised that Stillwater Mining's access rights are
valid and have priority over any such competing claim." Additionally,
Stillwater concluded in its release that the Picket Pin horizon is not
commercially viable.
"We find that puzzling," said Mr. Steiner. "We are aware of past
exploration on the zone and we concluded through both independent and
in-house evaluations that any decision concerning commercial viability is
premature."
Exploration in the mid-1980s on the zone was minimal and reconnaissance in
nature. However, some grab samples and drill samples returned values of up
to six grams per tonne (0.175 of an ounce per ton) of platinum/palladium.
Currently, ICMC is conducting reconnaissance mapping and sampling on the
Picket Pin zone. ICMC has received assays from Chemex Labs of Vancouver on
samples collected on the Picket Pin zone west of the east fork of the
Boulder River. The majority of the samples were anomalous for PGE (platinum
group metals) and four were greater than 0.035 of an ounce per ton combined
PGE. The best samples read 0.263 of an ounce per ton combined PGE. The
company is encouraged with these results as they confirm and exceed assays
from historical work. The geologic mapping also indicates greater
continuity along strike, which potentially increases the size of the
target.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
Also??
Idaho Consolidated converts promissory note
Idaho Consolidated Metals Corp IDO
Shares issued 9,434,650 Sep 20 close $0.36
Wed 22 Sept 99 News Release
Mr. Del Steiner reports
The Tomasovich family trust has converted the entire principal amount of
$115,000 (U.S.) convertible promissory note due Jan. 28, 2000, into
1,172,847 common shares and warrants to purchase an additional 1,172,847
common shares and has also exercised these warrants in full.
As a result, the trust, together with Theodore Tomasovich, who is acting
jointly or in concert with the trust, beneficially owned, or exercised
control or direction over, a total of 14,052,322 common shares, being 57.36
per cent of the issued capital of the company following the issuance of the
shares. In the event of exercise of warrants to purchase 4,317,351 common
shares and stock options to purchase 100,000 common shares, the trust and
Mr. Tomasovich would own 63.87 per cent of the then issued capital of the
company assuming no other common shares are issued.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
With regards,Frank |
