Jim,
I have read the release again just now, for probably the 4th time. I notice such statements as:
Exploration activity reported in press releases dated October 24, 1996, April 24, 1997, August 5, 1997, January 23, 1998, February 12, 1998 and February 26, 1998 is retracted.
Press releases dated April 14, 1997, October 1, 1997 and October 16, 1997 described the deposits in the Rushan concession as ''world class''. Current geological information is not sufficient to support this statement. It is therefore retracted.
…use of the words ''ore'' (appearing in press releases dated July 19, 1996, August 5, 1997, August 12, 1997, September 2, 1997, October 1, 1997, October 20, 1997, November 6, 1997, November 18, 1997, February 24, 1998, February 26, 1998, March 11, 1998 and April 16, 1998), ''proven reserves'' (appearing in press releases
dated July 12, 1996, July 19, 1996, and April 14, 1997), ''reserves'' (appearing in press releases dated October 1, 1997 and February 12, 1998) and reference to ''commercially attractive volumes'' of mineralization (appearing in the April 14, 1997 press release) are in error and are retracted. As no current feasibility study has been completed, no ''ore'' or ''proven reserves'' have been delineated on the properties.
Mr. Cameron was erroneously described as a geologist in the October 24, 1996 press release. The company therefore does not consider the assay information to be reliable in estimating the mineralization in the Rushan concession and retracts it.
Similarly, reference to Mr. Cameron's work and resulting grade and resource figures disseminated in press releases dated October 24, 1996, November 15, 1996, April 14, 1997, September 2, 1997, October 1, 1997 and undated Release No. 3, are retracted.
…In September, 1996, Frank Cameron gave a public interview in Tajikistan in which he made certain statements regarding the investment the Company would make to develop the properties and the economic impact the investment would have on local employment and economic development. These statements are not supported by any economic analysis or feasibility study and are therefore retracted.
Press releases dated August 14, 1997, October 1, 1997, October 20, 1997, November 6, 1997, November 7, 1997, November 18, 1997, December 10, 1997, and January 23, 1998 either state or might be interpreted as implying that Ikar either had or will have mining operations. Ikar is an exploration stage company and does not have any mining operations.
Now this company has either been lying for 2 years now, or is GROSSLY negligent in te information it releases to the public. IMO, the SEC may have told them something like "You either tell the truth or we will nail your butts", and they chose to tell the truth.
You may believe that all of the press releases are "in error" or "was all a mistake". I don't. I think they lied, they were about to be caught by the SEC, and now they are telling the truth. Do you think this release would have ever been made without the 'encouragement' of the SEC? I don't.
Just my opinion,
Binder
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