Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : IVAN - Ivanhoe Energy -- Ignore unavailable to you. Want to Upgrade?

To: Pluvia who wrote (52)	11/10/2003 12:01:12 PM
From: Eva	Respond to of 271

edit

To: Pluvia who wrote (52)	11/10/2003 3:24:49 PM
From: Pluvia	Read Replies (2) \| Respond to of 271

IVAN STRONG SELL REPORT PART 1 of 3 Page 2/3 Cont’d IVAN Gas To Liquid (GTL) Promotion (Cont’d) 1. GTL PROMOTION - Hyping Untested Technology Knowing the Syntroleum GTL technology had been around since 1997, but that it was new, had no proven commercial installation, and a commercial plant would cost millions to construct and test, IVAN issued the following press releases using “fantastical” production potentials – often as they needed to sell securities to investors: “Tue Mar 26, 2002 Gas-to-Liquids Projects - In Qatar, the negotiation process toward a definitive agreement is continuing. This project involves the development of proven natural gas in an area of the North Field offshore Qatar, the transportation of produced gas to Natural-Gas-Liquids (NGL) and Gas-to-Liquids (GTL) plants having the capacity to convert the gas into 155,000 barrels per day of NGL products and 185,000 barrels per day of ultra-clean GTL fuels, using Syntroleum's technology..” 2. ONE GTL PROMOTION DUMPED – New Promotion Begins After multiple IVAN PR’s hyping the development and prospects of the Qatar plant, in May 2003, IVAN admitted negotiations regarding Qatar were terminated. Again in need of capital, IVAN began the next phase of GTL promotion, as they sold more securities to investors: Tue Jul 22, 2003 – “Ivanhoe Energy Partners With Repsol-YPF & Syntroleum In Commercialization Study For A 90,000-Barrel-Per-Day GTL Plant In Bolivia SANTA CRUZ, BOLIVIA - Ivanhoe Energy (NASDAQ: IVAN and TSX: IE) has signed an agreement with Repsol-YPF Bolivia S.A. and Syntroleum Corporation that brings Ivanhoe into a study to build a 90,000-barrel-per-day (b/d) gas-to-liquids (GTL) plant in Bolivia.” Tue Aug 12, 2003 … “Recently, Ivanhoe has been invited by Egyptian authorities to return to Cairo to continue commercial discussions relating to a proposed GTL facility in Egypt. The company has been in discussions over the past three years with Egyptian authorities on GTL facilities ranging up to 90,000 barrels-per-day. Current discussions are related to a 45,000 barrel-per-day facility that would be located at El Hamra along the coast of the Mediterranean Sea, west of Alexandria. The feasibility studies that the company has undertaken contemplate the natural gas feedstock being purchased, rather than developed. The company plans to commence these discussions in September.” 3. Promotion of Russia, Peru & China Oil & Gas 1. BILLIONS, TRILLIONS - And Hundreds of Millions. As with GTL and Derek Oil, IVAN continues their pattern of pump, dump then - change focus, publishing press releases detailing proposed development of oil & gas properties, citing billions and trillions of oil and gas reserves, while selling stock to investors at below market prices. Then, when the development failed, the project would be quietly pushed aside and the next “amazing” property would be promoted, again citing billions and trillions of likely reserves. Pluvia Securities Research, their agents, associates and or employees have investment positions consistent with the above-stated investment opinion. All comments are the EXPRESS opinion of the Author(s) - All rights reserved. IVAN REPORT ONE OF THREE pg 2 of 3 Cont’d

To: Pluvia who wrote (52)	11/11/2003 1:53:01 AM
From: Wolff	Read Replies (1) \| Respond to of 271

The Promoter by Nathan Vardi (Forbes Mag), 11.24.03 forbes.com Once again, Robert Friedland is talking up a huge strike. This time it's copper and gold in Mongolia. These are mighty days for Robert Friedland. The 53-year-old natural resources billionaire has been racking up miles on his corporate jet, charming investors at conferences from Hong Kong to New Orleans, cajoling Japanese and Korean bankers, working with the repressive governments of China and Burma. It helps that commodity prices, as recorded by the Reuters-Commodity Research Bureau index, are up 30% in the last two years. But the real attraction is Friedland himself and his tales of copper and gold deposits buried under the Gobi Desert. This Mongolian mother lode is in a remote place called Turquoise Hill, or Oyu Tolgoi, as the locals refer to it. Friedland calls it "the treasure chest," and claims it contains perhaps as much copper as Falconbridge's rich Collahuasi mine in Chile. Turquoise Hill is right on the doorstep of China, which last year sucked up 2.5 million tons of copper, making it the world's largest consumer. Indigent Mongolia, Friedland says, has pledged to do everything necessary to help develop the site. "I'm not in the business of giving investment advice," Friedland recently told Bloomberg News. "On the other hand, this is one of the major copper and gold discoveries in the world." His evidence: core samples taken over the last two years, but no comprehensive engineering studies yet. Investors have been hearing what they want to hear. Shares of Friedland's Singapore-based Ivanhoe Mines--which trade on the Australian and Toronto stock exchanges, and (at $9) on the Pink Sheets in the U.S.--are up 318% in the last year, making his 41% stake worth $940 million. This notwithstanding that Ivanhoe Mines last year lost $30 million on revenue of $87 million, largely from mining iron in Australia, copper in Burma and gold in Kazakhstan. Mutual funds like Tocqueville Gold and Scudder Gold & Precious Metals have made Ivanhoe Mines their biggest single holding because they believe Friedland is on to something in Mongolia. The stock is also being cheered on by stock analysts and newsletter writers (see box, p. 132), who are brushing aside the self-dealing through which Friedland has increased his stake. Shareholders also seem to be dismissing Friedland's past legal battles with the U.S. government, his cozy relationship with the thugs running Burma and the lack of in-depth engineering analysis of Turquoise Hill. "Everybody gets excited when Bob Friedland is pumping some stock, whether it makes sense or not," says Ryan Bennett, principal at Resource Capital Funds, a Denver private equity group, who just returned from Mongolia. No one questions Friedland's promotional skills. Born in Chicago, he bought into penny mining stocks and pitched them on the Vancouver Stock Exchange--until prospectors of his Diamond Fields Resources looking for diamonds in Voisey's Bay, Newfoundland happened upon a vast nickel deposit. That was in 1994, when Friedland was best known by critics as "Toxic Bob," after another of his ventures, Galactic Resources, tried to develop a gold mine near Summitville, Colo. using heap leaching, an extraction process that dips ore in cyanide to extract gold. Galactic went bankrupt and left the mess for the Environmental Protection Agency to clean up. (The Department of Justice went after Friedland in 1996; he settled, paying $20 million.)