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

To: Bob Markley who wrote (26555)	11/15/1997 8:39:00 PM
From: Bruce McGaughey	Read Replies (1) \| Respond to of 35569

This is from the 12-19-96 press release: ÿ INTERNATIONAL PRECIOUS METALS CORPORATION December 19, 1996 -------------------------------------------------------------------------------- NASDAQ: IPMCF CDN: IPMC IPM Releases Initial BRX Data Toronto, December 19, 1996 -- International Precious Metals Corporation (IPM) announced today that, based on successful bench scale tests for gold and platinum, it has begun a scaled up pilot plant test program. Samples recovered from its leach process were assayed by two independent laboratories, one Canadian based and the other U.S. based. The gold assay results were reported as follows: ÿ November 1996 Leach Results ÿ Lab A Lab B Sample No. oz./ton grams/tonne oz./ton grams/tonne 111 0.312 10.69 0.266 9.13 118 0.312 10.69 0.272 9.33 147 0.228 7.82 0.189 6.48 158 0.363 12.43 0.309 10.59 201 0.270 9.26 0.237 8.11 207 0.298 10.20 0.266 9.13 The samples selected are representative samples from six of the 121 holes drilled by IPM earlier this year on the first of six 1 square kilometer BRX grids. The original grid of 121 drill holes to 30 meters depth (100 feet) tested 50 million tons of BRX (Black Rock Extended) material. The above samples are representative of the entire hole from the locations detailed in the accompanying diagram at the end of this release. These results contrast with the results obtained by IPM earlier in 1996 largely due to a breakthrough in assaying of the material. The previous results were obtained via a leaching process that by its very nature failed to produce total material values but rather a minimal recoverable number. These new results are both higher and reproducible, with a very high degree of correlation. ÿ March 1996 Leach Results ÿ Averages on Holes Sample No. oz./ton grams/tonne 111 0.068 2.33 118 0.057 1.95 147 0.068 2.33 158 0.042 1.44 201 0.037 1.27 207 0.046 1.58 The significance of these greatly improved recovery values is profound for IPM - it breaks an eighteen month technical log-jam and enables the company to carry out assaying with a high degree of confidence, thus allowing for the work on recovery techniques to be advanced at a greater rate. The company's sustained technical effort produced the breakthrough, substantiating the recovery of significant amounts of physical gold as demonstrated by the comparison of results. Platinum results from these same bench scale tests are awaiting returns of verification assays. IPM will be able to apply the bench scale of this leach process as a routine assay procedure for most future BRX work, as well as specific check assaying on the original grid samples. This should enable IPM to bring the 1 square kilometer grid to resource status in the first half of 1997. Drilling will also commence on the five additional grids as previously outlined in the company's regional exploration program in 1995. Results from the five grids will then be incorporated with the existing results from the original grid in order to determine the overall scale of the BRX project during 1997. Additionally, exploration drill holes from the primary source material (hard rock) of up to 150 meters in depth and hard-rock core samples previously obtained during the 1996 diamond drilling program will also be tested for recovery. What happened with this recovery process during the last year ????? Matt ??? Chuck ??? Someone close to the company...??? Please explain. We had such high hopes a year ago. "resource status in the first half of 1997" Gee whiz !! This PR sent the stock from 2.00 to 14.00 from the time of release to mid-March. Who's to blame ??? BD ?? Friendship ??? When did the process fall apart ?? Was it too inconsistent ?? Or, was it just not consistent enough for BD ??? Does Bateman really have a handle on a new recovery process ?? Will we hear about that soon ??? Matt, I think you said another month for that....am I right ?? Do they really have it ....and, are they willing to sign off on it ?? BD really stuck it to us, didn't they ???