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

To: kimberley who wrote (27927)	11/21/1997 11:00:00 AM
From: Larry Brubaker	Read Replies (3) \| Respond to of 35569

"re due diligence, one thing I learned, and should be a valuable lesson for me, is that you can't believe anything. you have to check it out for yourself. the line between fact and fantasy is really blurred with regards to this stock. we hear something so often, we just take it to be true. my best advice here is to go straight to the source, if possible. never assume it's already been checked out and is o.k." Kim: Marcos made a very good point yesterday asking "how do you do due dilligence on a black box process?" I agreed with that point wholeheartedly. The fact that some of the longs had "kicked the tires" more than me and were believers did not really influence me. Did they know that the company had an economic recovery process at high recovery rates? Obviously they did not. I was influenced by what the company said. Going straight to the source in this case would have done no good, because the source was the source of the misinformation. I have had officers of small cap companies outright lie to me on the phone. Sometimes the last place you want to go to is the source. Unfortunately, I was relying on what the source was telling me in this case, and the message was untrue.

To: kimberley who wrote (27927)	11/21/1997 11:30:00 AM
From: Bob Markley	Respond to of 35569

<< <<"whisper numbers are .20 OPT">> not hard to believe when the company stated publicly that is was recovering more than that, repeatedly. how can you ever believe anything the co. says now? they have no credibility left. it's just a disgusting situation, and unfortunately a lot of people lost a whole lot of money. >> I'll second that, ... not only has the company lied to alot of people, but I find it incredulous that they now maintain that those recovery grades at the AGM were from high grade material within a deposit of .O36, ... they knew damm well, at the point in time that they had a low grade deposit. This thing, is a best a low grade, high tonnage deposit. Further, it now appears obvious, IMO, that they lied to the institutions. This thing now appears to be an arbitrage situation. The Institutions, IMO shorted the stock way higher, most likely offshore(the extra 1Million shares short) and have not supported the stock. Why?? They intend to convert the convertible note to obtain control of the company,... IMO. They then will 'flip' it to a reputable company (ie. Barrick)who would immediately replace the management, & repo the $600,000 of vehicles. The situation could have been avoided if management would hve built a recovery test plant with the shareholders money to offset development expenses, rather then waste it on consultants, expensive vehicles, high salaries and interest free loans to the related company. It's a sick situation, ... Best, Bob