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

To: HungryLion who wrote (27672)	11/19/1997 4:43:00 PM
From: GOLDIGER	Read Replies (3) \| Respond to of 35569

Dear HungryLion, Here's an E-mail from Mr Lee Furlong that was sent to me by Ron Struthers. Here is an email from Lee Furlong of IPM. I am just passing along as I got it. Hope it may answer some questions ****************************8 Phoenix office, 19 November 1997 TO: Frank FROM: Le RE: Rumours Again I have just been advised that the latest rumour abounding around the Michigan and East coast areas is to the effect that I resigned from IPM. Please be advised that this is completely untrue. I remain, as do my technical and management team, fully confident that Black Rock will be developed into a mixed precious metals mine. RE: 20 June numbers versus Release of 14th Nov., answer to your question At the AGM we announced 2 types of results: Recovered grades of Au, Pt and Pd (which we had the actual recovered products on view for everyone to see) The recovery was from anode muds, the end product of 5 chloride leach tests. The chloride leaching was physically independently conducted at Friendship Labs and the anode muds shipped directly to AuRIC Metallurgical Labs for refining into weighable products. The leach procedure utilized was that of an independent consultant to IPM and the leach process was conducted under his management. Please do not confuse this with an assay. The results we showed you are the weights of the metals recovered calculated back to a 'head grade' expressed in ounces per ton. We made no representations that this 'head grade' could be attributable to the entire Black Rock Project, but represented what was recovered from the sites chosen for these leach tests. Yes, the recovery results were very good. At that time no fire assay procedure had been developed to enable us to establish a fire assay head grade for this material. In a crude sense we'd used a selected recovery process to confirm the existence of precious metals at Black Rock. The recent 3rd party work by Bateman/BD was designed to again establish that precious metals existed at Black Rock via a selected recovery process this time with chain of custody samples. This was not a test of the effeciency of a particular recovery method but to confim that the 20 June AGM recovery results were true, that Au, Pt and Pd existed at Black Rock.. Although we have yet to see any recovery information in writing from the consultants, we understand verbally that although low, Au, Pt, and Pd was recovered. With the information in hand, management will proceed to now test the more than 30 recovery methods immediatally available to determine which one might be best. * A fire assay procedure developed by AuRIC was also announced to the meeting for Black Rock material. The assay grades AuRIC were suggesting were attractive (being about 0.10 oz/t gold) and we welcomed this breakthrough. Unfortnuately during the following 2 months we and other independent labs were unable to duplicate the assay methodology, thus it failed to live up to the 'due diligence' by IPM. The procedure was therefore abondoned and the purchase agreement with AuRIC cancelled. Since 1995 we have been working steadily to develop ANY head grade above zero that utilized a fire assay methodology (a fire assay being the industry accepted yardstick). Working in conjunction with a Registered Arizona Lab we have confirmed more than 2 repeatable fire assay procedures as an outcome of our R&D. As you saw in the release, the gold fire assays varied from 0.017 to 0.08 oz/t depending upon the sample and in our view represent a normal range of variations. BUT please appreciate, this is the very first fire assay procdure that "the industry" will find acceptable, and this being the case the regulators should feel more comfort. It is our opinion based upon the 4 years work with this material that there are areas of enrichment and lean areas as is manifest in most mineral fields. Having now gotten off 'zero' fire assay grades, progress towords getting further optimization of the procedure will take place, thence the assaying again of the entire 1 sq/km drilled block to establish a resource, hopefully before the Spring. Frank you may pass on this message to anyone you feel would like to see this response also. Cheers, Le