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Gold/Mining/Energy : Int'l Pursuit (T.IPJ) -- Ignore unavailable to you. Want to Upgrade?

To: Mikey who wrote (533)	2/10/1998 2:11:00 AM
From: Ron Everest	Read Replies (2) \| Respond to of 835

Do you know what the definition of a "batholith" is? In reviewing the IPJ web site they show the porphyries at Mahakam rising out of a "batholith" at a depth of approx 1.5 km. I have a very comprehensive Oxford dictionary but no "batholith" in the dictionary. I have some questions from your post: a) Phillipines Project <<As far as the Phillipines project is concerned, they want to sell it and he gave a ballpark figure of $75 million. >> I thought that the deal to sell 60% was to close May 31st after scoping studies. If followed through, the buyer will pay US$15 million to IPJ over a number of months and there are other benefits to IPJ etc. Could you explain what you mean by the comment referring to $75 million? Is this if the deal does not close? Is this US$? Are you saying that they may try to sell their 40% share for $75 million? <<3 billions pounds of copper at 80-100 cents per pound and a cost of 61 cents per pound. >> My understanding is that the production cost was estimate to be US$45 cents per pound of CU. Where does the 61 cents come from? b) Mahakam Project I have also read both 4 and 6 poryphries. When they sink their first drill hole into one one these poryphries and if they trike minable ore over length, this stock will go ballistic. Doesn't hurt to dream a little. ;>} Thanks for your post Mikey, Best regards, Ron E

To: Mikey who wrote (533)	2/11/1998 8:18:00 PM
From: Abner Hosmer	Read Replies (4) \| Respond to of 835

Mikey - Your notes appear to have been accurate. I spoke with IPJ today. They confirmed a number of the items you mentioned: 1. Phillipines - They will sell, either to the current partner or someone else, provided they can get their price. I stupidly forgot to ask what that was, but I see no reason to doubt your figure of $75 million, which you said was repeated several times. They'd rather have the cash in hand than to take on the added risks of constructing a mine. 2. Mongolia - They want to jv the properties. The fall drilling at Ulzit Gol/Blue Springs was cut short by weather conditions. It was originally scheduled for about 3 holes and apparently they only got one or so done. The results were considered to be "inconclusive", not anything that would move the market. 3. Indonesia -They have pared down their holdings from about 5 million hectares to about 1 million or so. The five cow's that they have narrowed down to are Mahakem East and West, Mahekem North (Dayak), the Serigi cow, and the Sintang cow (Dayak). They are expecting to have the signing ceremony for Mahakem East and West next week, which coincides with the scheduled signing of the Yamana cow's on the 17th. The time frame of the "2nd signing" for Mahakem North, Sintang, and Serigi is undetermined. The clusters that have been mentioned apparently extend onto the Dayak cow at Mahakem North, but the decision to purchase Dayak was made before they became aware of this. There is a considerable amount of work to be done on the properties and drilling is expected to begin this summer. Mahakem East and West comprise about 400,000 ha. The Sintang cow is 132,000 ha and includes the Sebulah prospect, which was referred to as "Sintang North". The Sebulah prospect lies at the west end of the 20 km Sebulah Fault, on the Dayak cow. The fault extends onto the adjacent Serigi cow, 191,000 ha, which includes the L-N prospect. These properties are their focus for now, but Pursuit says that there are other opportunities available to them, both on the previously applied for cow's and elsewhere. 4. Share buyback is largely complete. Outstanding shares at the end of Dec were 28,562,000. It's uncertain if there will be further buybacks in the future. vargas - thanks for keeping us in mind. best regards - Tom