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

To: Abner Hosmer who wrote (631)	3/11/1998 8:54:00 AM
From: Mikey	Read Replies (1) \| Respond to of 835

What does the release mean by "best efforts" basis? M.

To: Abner Hosmer who wrote (631)	3/11/1998 11:36:00 PM
From: Ron Everest	Read Replies (1) \| Respond to of 835

Good evening Thomas and all: Talked to IPJ this morning, sorry, couldn't post until this evening. My questions had gaps, but willing to share what was discussed with this thread. This was done on the fly...... 3 million $ warrant/share deal: - IPJ is conducting itself in a conservative fashion and raising funds when this is possible in a difficult market. - 2.2 million of the 3 million warrants have been sold. - the remaining warrants are expected to sell soon. - IR did not know if Funds bought the shares - General public could participate but would have to put up minimum amounts, Ontario $150k - Generally acceptance by shareholders has been good, seen as beneficial to IPJ. This I believe is how this thread viewed this warrant/share issue. Where will IPJ concentrate their efforts in 1998: - Mongolia - will be JV'ed out, and are progressing with this. - Indonesia - main efforts will be concentrated in Indo - Nevada - still working on legalities of properties, possibly some smaller scale work. - Yukon - no activity - Minoro Phillipines CU deal is still on track. Minoro people are in Toronto now working on this deal. Shareholder rights offering: - Rights not necessarily listed, there might not be time. I referred IR to page B15 of prospectus item "A". - Price would be 1/2 of traded price at time of triggering event. - Rights offering intended to dissuade entities from taking a run at IPJ. Questions on the Mahakams: - Manto and neighboring poryphrys if developed will probably have low strip ratios as they are projecting above ground. - They currently have 40 persons working in Indonesia and are ramping up for more. - Two more clusters have been found. Total of clusters now 6. CU prices have been moving up. They were up 1.4 cents US today to just over 80 cents, refer to: nickelalloy.com In addition to the following article, they advised that McLeans is currently working on an article. IPJ faxed me the following March 4, 1998 article: The Mining Record Indonesia Exploration Programs Active on Mahakam Prospect Toronto - IPJ announced that on Feb 19 98 an official signing ceremony in Jakarta with the Indonesian Ministry of Mines ratified two of the company's 7th generation contracts of work (CoW). Pursuit's two newly ratified CoWs encompass the Mahakam East and Mahakam West areas, which total approximately 400,000 hectares and include a number of mineralized porphyry discoveries (i.e. Manto, Tebihi and Luso), as previously announced by the company on November 26 97. Pursuit President Stephen Dattels said that the company is currently mobilizing two field teams to carry out further geological and geochemical evaluation of both Manto and Tebihi prospects, which on the basis of preliminary sampling have indicated the potential to be large mineralized (Cu, Mo, Au) porphyry targets. The work program at Manto will seek to expand the area of mineralization that is currently indicated to be 1.5 km long and up to 500 m wide. Although predominantly copper rich (i.e. up to .7% copper over 500 meters in preliminary outcrop sampling) molybdenum and gold values are also indicated. The relatively unweathered chalcopyrite rich potassic alteration of the porphyry suggests that there is no enrichment of the outcrops. In addition, the identification of roof pendants indicates that this system is largely uneroded. Field work at Tebihi will seek to locate the source of abundant porphyry float samples grading up to .4% molybdenum and .5% copper. A third target, Luso, will also be inspected in the next field phase, to expand outcrops of skarn mineralization grading up to 1 gm/t gold. Manto, Tebihi and Luso have been identified as three of six prominent anomalies identified from recent airborne geophysical surveys, and are collectively termed as the "Mahakam Porphyry Cluster." This cluster lies in a semi-circular arrangement and has been interpreted as being the southeast portion of a collapsed caldera structure, which is up to 12 km in diameter. This important geological feature lies completely within the Mahakam East CoW area. Reconnaissance surveys on the north end of the caldera indicate the potential for epithermal gold deposits, since results in this area have returned float samples grading up to 9 gm/t gold and outcrops up to 1.1 gm/t gold. Within the Mahakam East and West CoW areas preliminary geological surveys have located three additional porphyry cluster-type targets. These are Tasan, Tekori, and Pyangi, all with highly anomalous gold and copper values from geochemical and float samples. At Tekori for example, numerous epithermal float samples in the 25gm/t to 35 gm/t gold range were discovered upstream from an active artisanal alluvial gold operation. Pursuit anticipates that considerable technical evaluation of these highly promising targets will be required prior to establishing any drilling programs. Each prospect will be further explored and prioritized before ground geophysical surveys lead to the definition of drill targets. Drilling is anticipated in the second half of 1998