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

To: go4it who wrote (31292)	3/28/1998 10:48:00 PM
From: GlobalMarine	Read Replies (3) \| Respond to of 35569

To all: Jay Taylor starting to turn bearish? From the telephone update posted at his website: INTERNATIONAL PRECIOUS METALS announced last week the resignation of Lee Furlong, the company's CEO. John Yellich will succeed Mr. Furlong who I believe was offered as a sacrificial lamb in an attempt to keep the company listed on the NASDAQ. Mr. Yellich is a very capable CEO and as such, I bellieve the company is in excellent hands even as Mr. Furlong departs. While it is true that the person responsible for operations has to assume the responsibility for failures and difficulties faced by IPM, knowing Furlong and the management of IPM and given my understanding of the NASDAQ investigations, I think Mr. Furlong's resignation was window dressing more than anything else. What I am now concerned about is the composition of the board of directors of IPM. I have no first hand knowledge about exactly what has gone on in the IPM boardroom, but it is my impression that the current board, excluding Alan Doyle, is comprised of some rather gutless and clueless people who are more interested in perserving their corporate reputations than in discovering the truth about the Black Rock property. If I am right about this, there may be reason now to doubt the ability of this company to get the job done, absent Mr. Furlong. I hope I am wrong about this. I do think the Black Rock property could be one of the most outstanding precious metals deposit discoveries in North America, but without the courage and guts of a Lee Furlong, I am not sure this company will fight the good fight necessary to make this thing happen. With regard to Lee Furlong, I do not believe we have heard the last of this extra-ordinarily gifted visionary. I believe, baring any unforeseen circumstances, he will be exploring and developing more mining projects in the future. At least I hope so. Lee Furlong is a man I have grown quite fond of over the past year and he is a man who has endured enormous difficulty, including angry shareholders, unfair regulatory abuse from Desert Fox, stupid and clueless newspaper and magazine writers and during the past year, the death of his father and a serious illness that has fallen upon his wife. I have compared this man with Job in the Old Testament. He has been tested nearly as severely this past year and like Job, I believe he is coming through this ordeal with flying colors. Thank God for Lee Furlong. We need more courageous people like him with the intestinal fortiude to stand up for truth no matter what the cost. Lee's courage, honesty and quest for the truth may have cost him his job. But that's OK because he has done what is right! He has not whimped out under the pressure.