To: E. Charters who wrote (24838 ) 11/7/1997 3:52:00 PM From: Matt C. Austin Read Replies (1) | Respond to of 35569
You're not getting away with lying to people on this thread. The following is a news release showing that BD was not done with the testing on this date. It's more and more apparent that you haven't even read the news releases - let alone done any DD. How will you lie your way out of this one?? ---------------------------------------- INTERNATIONAL PRECIOUS METALS CORPORATION August 4, 1997 NASDAQ: IPMCF CDN: IPMC BEHRE DOLBEAR REQUIRES ADDITIONAL TIME TO COMPLETE INDEPENDENT VERIFICATION IPM EXTENDS PAYMENT DATE FOR PROPERTY Toronto, Ontario (August 4, 1997) -- International Precious Metals Corporation (IPM) announced today that it has been advised by Behre Dolbear & Company, Inc., IPM's mining engineering consultants, that an additional 30 days is required to complete their independent fire assay analyses and review of IPM's recovery processes on IPM's Black Rock Property. The additional time requested was in order to properly schedule senior Behre Dolbear personnel already familiar with both the Friendship Metals facility and the gold recovery process utilized by IPM. IPM had previously announced on June 24, 1997, that the independent verification program would be completed within 30 to 45 days. The additional time required by Behre Dolbear means that the program should be concluded in early September. While IPM regrets that the verification program has been unavoidably delayed, it is confident that this additional time will allow Behre Dolbear to utilize appropriate staff to complete their independent verification thoroughly under the most stringent protocols. IPM also announced that as a result of the additional time required by Behre Dolbear, IPM has negotiated an extension of time for the completion of the Black Rock Property purchase. Under the terms of the original property purchase agreement, IPM was to have paid to Phoenix International Mining, Inc. the sum of US $16.5 million on July 15, 1997 to acquire a 100% interest in the Black Rock Property. The payment date has now been extended to October 15, 1997. This allows IPM sufficient time, subsequent to the receipt of the results from the independent verification program, to raise the US $30 million private placement financing necessary to finalize the purchase. Additional proceeds from the financing will be used to complete a prefeasibility study, the next level of development of the Black Rock Property. Finally, IPM wishes to advise that on July 29th IPM and Friendship Metals hosted a technical presentation for financial professionals and analysts at Friendship's Research & Development facility in Las Vegas, Nevada. IPM has been informed that some participants intend to publish a review of the Friendship presentation. The company will disseminate copies of the reports to shareholders and those interested, as they become available. IPM has also arranged for access to the reports through its web site. On Behalf of the Board of Directors Le Furlong, President and CEO