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Gold/Mining/Energy : International Precious Metals (IPMCF) -- Ignore unavailable to you. Want to Upgrade?

To: Bruno who wrote (24254)	11/4/1997 11:16:00 AM
From: Claude Cormier	Read Replies (4) \| Respond to of 35569

<< If it is 0.15 as you have suggested...........$8 max by Christmas?>> If we get consistency at .15 on several bulk samples, we will be able to extrapolate a possible 9 million ounces or so on the 1st km to a depth of 100 feet. That is assuming the bulk samples are well distibuted on the 1st grid and representative. Given the current market mood and unproven economic, the current price would seems to be fair.

To: Bruno who wrote (24254)	11/4/1997 11:59:00 AM
From: Bob Jagow	Read Replies (1) \| Respond to of 35569

Bruno, I'm not betting that Au will be lower--just posited to Otter that no news isn't good news, told Kim that I thought 0.15 opt Au would be well received, and cautioned Howy that recovery costs will be a fuzzy read in this report. (Perversely, of course, we could be well rewarded for the long delay in reporting the #s.) "$8 max by Christmas [if 0.15 opt]?" I think the price could hit $20 if the [$27M still?] PP goes as well as I hope. Bob PS to Howy/Kim: Somehow I confused Hays $15 valuation with 0.15 opt--he actually derived his $15 valuation by discounting "IPM's claims to have achieved yields of 0.8oz/t of gold, platinum and palladium" by a .25 combined risk factor--sorry about that.

To: Bruno who wrote (24254)	11/6/1997 5:44:00 AM
From: Bruno	Read Replies (2) \| Respond to of 35569

So many negative vibes, just be a little more positive. This stock is way oversold. Worse case scenario: Assets less land of approx. 23c/share Cash after debts of approx. 10c/share Black sands value with BD sign off of 0.04 opt au and all the other sites and mining rights combined approx. value $1.50/share Total $1.83 and today's speculative value (premium) of $2 BUT With a BD/Bateman sign off of even just 0.1 opt au and 0.2 opt pmg we can expect the speculative value to rise to over $4/share and if this is with a break-even or better cost sign off we have discussed prices up to $17 at this stage. This stock is only correctly priced now if you believe the au sign off will be less than 0.1opt. (it won't be) or if the cost of extraction is presently too high and further cost reduction methods have to be explored. ( a possibility). We are close to the nadir, but not there yet; indeed it could drop a further $2 over the next three months. However it is more likely, even with an already delayed and probably weak sign off as above to see a trading range between present levels and $6. Obviously these levels would be exceeded with appropriately healthy sign offs. I still favour 0.18 au, 0.4 pgm and $8 by Christmas or 100% growth in six weeks although I'm prepared to wait another year or so for the big one. Bruno