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

To: Furry Otter who wrote (26239)	11/14/1997 7:26:00 PM
From: Graystone	Respond to of 35569

They put that other line in between the two to fool people like you Furry, better sell or wait for some future "magic day" in vain. I am not a short, I am a small investor.

To: Furry Otter who wrote (26239)	11/14/1997 8:18:00 PM
From: Joe Hartenbower	Read Replies (2) \| Respond to of 35569

Furry... This one on CSW is slightly different. International Precious Metals Corp - Black Rock exploration progress International Precious Metals Corp IPMC Shares issued 17758280 1997-11-13 close $8.25 Friday Nov 14 1997 Mr Alan Doyle reports Progress has been made in the development of the company's Black Rock project in Arizona. These milestones have come together at a time when IPM is looking to forge ahead in the determination of the economics of the Black Rock project. The company is now finally positioned to move from the long term research and development mode to the final assessment of Black Rock's economic viability. The company's directors have received confirmation from an Arizona registered laboratory that a modified fire assay procedure is able to quantify amounts of gold and silver in Black Rock material. As a result of this advance, a number of samples held under chain of custody security were analyzed by the independent laboratory using the modified fire assay procedure and yielded the following results: No. Au Ag Type Interval oz/t oz/t (ft) 168 0.017 2.770 Auger 30 - 35 181A 0.023 1.800 Auger 3 - 25 143A 0.033 1.490 Auger 3 - 25 181T 0.042 0.020 Trench 5 - 25 181T 0.080 Not Determined Trench 5 - 25 130A 0.052 1.500 Auger 40 - 45 127 0.035 1.300 Auger 15 - 20 181B 0.023 Not Determined Auger 25 - 50 181B 0.020 Not Determined Auger 25 - 50 All of the values fall within the previously announced ranges of grade for the Black Rock area, however, the above samples represent only two limited areas. Independent verification by the modified fire assay procedures confirms gold and silver at Black Rock, thus supporting the long held conviction of IPM management as to its existence on the property. This issue has been at the centre of controversy, and was principally due to the variability of the chemistry and geologic make up of the host material. In achieving the ability to assay Black Rock material, IPM now has a procedure that allows for the determination of a head grade on the initial 1 sq km drilled grid. In addition to these assay results, gold and platinum were established during the independent verification program recently completed. At this stage a platinum assay procedure has not yet been confirmed by the registered lab. The company will continue its scientific work in this area to increase the efficiency and accuracy of the modified fire assay procedure. Bateman Engineering, an international engineering group with its US headquarters in Denver, Colorado, has confirmed the presence of gold and platinum at Black Rock using the nominated recovery process in the independent verification program. However, the process used will most likely not be used for commercial development of the project. Two samples were taken from two separate parts of the 1km grid and as such do not represent a meaningful average for the total grid. These two samples of 20 lb each were collected and tested under chain of custody surveillance of the independent consultants. Bateman has indicated that this testing should not be used for the purpose of calculating a resource. Capital Raising & Use of Proceeds IPM is finalizing a private placement with several institutional investors for up to US$10 million. The placement will be in the form of a redeemable convertible note with the conversion price based on 125% of IPM's share market price. Proceeds from the placement will be used for general corporate purposes in the further development of the Black Rock project. The company expects to draw down on this financing before the end of the month. The company and Omega Investment are negotiating an extension of time on the purchase agreement with respect to the acquisition of the additional 20% interest in the Black Rock property. IPM is also negotiating the additional financing to conclude the purchase. Bateman Engineering Development Program The program to develop the mining and recovery of precious metals from Black Rock ore will be a multi-phased multi-tasked effort. It will be directed by IPM and supported by Bateman Engineering using its resources, contract test work facilities and specialty process engineers. As part of this program Bateman will also be providing the expertise to assist in the development of a cost-effective process to extract metals. The company estimates that the development program will take between 12 to 18 months. Its objectives are to determine the grade, scale and economics of the project and produce a full feasibility document with a view to taking Black Rock into production. Summary Using assay procedures IPM will begin analysis on a backlog of 2,100 samples from the original grid. The objective is to determine a mean grade of the Black Rock material, one that represents a mineable grade with the peaks minimized. Completion of the testing and other tasks of the development program will result in an ore resource statement being calculated for the original grid. Thereafter, the intent is to expand testing to the additional five 1 sq km grids of the Black Rock basin area to depth. The sequence of events that IPM will focus on over the next 12 to 18 months will include finalizing the ore resource statement and determining the economics of the project via the development program to a feasibility document. Based on the results of the program, IPM will advance to a stage where a financing package can be put in place prior to engineering design, construction and mining operations.