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

To: G who wrote (734)	11/20/1998 11:49:00 AM
From: NPValue	Read Replies (1) \| Respond to of 835

Discussion with Stephen Dattels on 11/18: I FINALLY managed to get in contact with someone at this "company" on Wednesday. I spoke with Stephen Dattels, the president of the firm. Here is the gist of the conversation: First, I asked why Sarah McDermott had not returned my three phone calls over the past three weeks. He gave a disgusted laugh, and then said that she has had "health problems" over the past month. I then asked what is going to happen with this company, since the stock price is rapidly approaching zero. He said that they are doing NOTHING with regard to development on Mahakam or Hinoba-an. He indicated that they have two companies interested in Hinoba-an, and four mining majors interested in Mahakam. However, he said that the companies are driving a hard bargain, since the prices of both metals are currently in the tank. He said that they don't want to sell their interest at such low prices, and negotiation is difficult. He then made the statement that IPJ wants to get out of the mining business. I asked if he would please clarify this. He said that while they would still have an interest in Mahakam and Hinoba-an, they would be entirely passive in the development and completion to operational status. (I really get the feeling that they want to join with the Burtons in that metal alloy company with a property in Africa - what is the name? Is it a valid venture, or is that simply another hype job?) I then mentioned my concern about tax write-off selling in the month of December, and how the company might combat the stock declining to near nothing. He said that a deal with one of the properties or possibly both SHOULD BE ANNOUNCED before the end of the year. I said fine. He then asked, "is there anything else?" I said no, and he then immediately hung up the phone without saying anything else. I am taking his "deal before the end of the year" statement as false until proven otherwise. I really got the feeling after his rude hang-up that he was just giving me a line in order to mollify me and get me off the phone. Needless to say, this company has been a supreme disappointment. I don't care about the current prices of the metals - if they have 6 billion pounds of copper at Hinoba-an and possibly a multi-million ounces of gold property at Mahakam, then they should have done something. The current price of the stock speaks for their mismanagement, and it also speaks for the fact that Dattels, Kreber, and Burton were just simply out to make a fast buck with this company. Unfortunately for them, Bre-X and a depressed market got in their way. I will probably wait until mid December to sell. Hopefully, the company will still be worth at least US $0.10. If anyone else can possibly counter my above story with positives, I would sure like to hear them. Right now, the light at the end of the tunnel with this company is probably the headlight of a freight train.

To: G who wrote (734)	11/20/1998 12:37:00 PM
From: Ron Everest	Read Replies (1) \| Respond to of 835

It has been mothballed for now. I tried to get through to the president and also the chairman a couple of days back, everyone was busy or in meetings. I asked for Peter, a geologist and he is in Indonesia. My latest information would indicate that their cash is >$9 million Canadian and no debt. My read on why this stock is trading so low is that there is absolutely no interest in Indonesia and therefore the stock is trading for approx the cash value. The market is giving no value to Hinoba-an copper deposit due to copper markets being trashed and no value to their Mongolian properties which they are trying to jv out. The Indonesian politics are very tenuous right now. Appears to me that IPJ is a great buy right now, I have been considering averaging down, but, WDIK. Best regards, Ron E