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

To: Larry Brubaker who wrote (34414)	11/20/1998 11:27:00 AM
From: ddl	Respond to of 35569

Hi Larry, I think last Friday would have been closer as the release was done Nov 14, 1997.....The last paragraph reads... "Based on the results of the program, IPM will advance to a stage where a financing package can be put in place prior to engineering design, construction and mining operations." Just a reminder... Report to Shareholders The Board of Directors of International Precious Metals Corporation (IPM) is pleased to announce the following progress and milestones in the development of the company's Black Rock Project located in Arizona. * Confirmation of an assay procedure for gold in Black Rock material * Completion of independent verification program confirms the presence of gold and platinum * Capital raising and use of proceeds * Bateman Engineering's ongoing and expanded Development Program These milestones have come together at a time when IPM is looking to forge ahead in the determination of the economics of the Black Rock Project. The company is now finally positioned to move from the long-term research and development mode, to the final assessment of Black Rock's economic viability. Confirmation of Assay Procedures Verification of Gold and Platinum The company's directors have received confirmation from an Arizona Registered Laboratory that a Modified Fire Assay Procedure is able to quantify amounts of gold and silver in Black Rock material. As a result of this advance, a number of samples held under chain of custody security were analyzed by the independent laboratory utilizing the modified fire assay procedure and yielded the following results: ----------------------------------------------------------------------------- Sample Head Grade Head Grade Type Interval in Feet Type of Sample No. Gold oz/t Silver oz/t of Collection ----------------------------------------------------------------------------- 168 0.017 2.770 Auger 30 - 35 - 181A 0.023 1.800 Auger 3 - 25 Chain Of Custody 143A 0.033 1.490 Auger 3 - 25 Chain Of Custody 181T 0.042 0.020 Trench 5 - 25 Chain Of Custody 181T 0.080 Not Determined Trench 5 - 25 Chain Of Custody 130A 0.052 1.500 Auger 40 - 45 - 127 0.035 1.300 Auger 15 - 20 - 181B 0.023 Not Determined Auger 25 - 50 Chain Of Custody 181B 0.020 Not Determined Auger 25 - 50 Chain Of Custody Note: All of the values fall within the previously announced ranges of grade for the Black Rock area, however, the above samples represent only two limited areas. Independent verification by the modified fire assay procedures confirms gold and silver at Black Rock, thus supporting the long-held conviction of IPM management as to its existence on the property. This issue has been at the center of controversy, and was principally due to the variability of the chemistry and geologic make up of the host material. In achieving the ability to assay Black Rock material, IPM now has a procedure that allows for the determination of a head grade on the initial 1-sq kilometer drilled grid. In addition to these assay results, gold and platinum were established during the independent verification program recently completed. At this stage a platinum assay procedure has not yet been confirmed by the registered lab. The company will continue its scientific work in this area to increase the efficiency and accuracy of the modified fire assay procedure. Bateman Engineering Inc., an international engineering group with its U.S. headquarters in Denver, Colorado has confirmed the presence of gold and platinum at Black Rock using the nominated recovery process in the independent verification program. However, the process utilized will most likely not be used for commercial development of the project. Two samples were taken from two separate parts of the one-kilometer grid and as such do not represent a meaningful average for the total grid. These two samples of 20 lbs. each were collected and tested under chain of custody surveillance of the independent consultants. Bateman has indicated that this testing should not be used for the purpose of calculating a resource. Capital Raising & Use of Proceeds IPM is finalizing a private placement with several institutional investors for up to US $10 million. The placement will be in the form of a redeemable convertible note with the conversion price based on 125% of IPM's share market price. Proceeds from the placement will be utilized for general corporate purposes in the further development of the Black Rock project. The Company expects to draw down on this financing before the end of the month. The company and Omega Investment are negotiating an extension of time on the purchase agreement with respect to the acquisition of the additional 20% interest in the Black Rock property. IPM is also negotiating the additional financing to conclude the purchase. Bateman Engineering Inc. Development Program The program to develop the mining and recovery of precious metals from Black Rock ore will be a multi-phased multi-tasked effort. It will be directed by IPM and supported by Bateman Engineering utilizing their resources, contract test work facilities and specialty process engineers. As part of this program Bateman will also be providing the expertise to assist in the development of a cost-effective process to extract metals. The company estimates that the Development Program will take between twelve to eighteen months. Its objectives are to determine the grade, scale and economics of the project and produce a full feasibility document with a view to taking Black Rock into production. In Summary The Board of Directors of IPM understands and appreciates the commitment and dedication shown by the company's technical groups and by IPM shareholders. The Board is very pleased with the accomplishments of the current milestones and is excited by the opportunities ahead. Much remains to be accomplished. Utilizing the assay procedures IPM will begin analysis on a backlog of 2,100 samples from the original grid. The objective is to determine a mean grade of the Black Rock material, one that represents a mineable grade with the peaks minimized. Completion of the testing and other tasks of the development program will result in an ore resource statement being calculated for the original grid. Thereafter, the intent is to expand testing to the additional five 1-sq kilometer grids of the Black Rock basin area to depth. The sequence of events that IPM will focus on over the next twelve to eighteen months will include finalizing the ore resource statement and determining the economics of the project via the development program to a feasibility document. Based on the results of the program, IPM will advance to a stage where a financing package can be put in place prior to engineering design, construction and mining operations. * * * On Behalf of the Board of Directors (signed) Alan Doyle, Chairman ISSUED AND OUTSTANDING CAPITAL 20,948,534 FOR MORE INFORMATION CONTACT: International Precious Metals Corporation Eli Constantine - 602 414 1830 Operations Office - 4633 South 36th Place - Phoenix, AZ 85040 - Phone: 602 414 1830 - Fax: 602 414 1831 Registered Office - 390 Bay Street, Suite 502 - Toronto, ON M5H 2Y2 - Phone: 416 368 1489 Fax: 416 368 5454 www.ipmcf.com - mag@ipmcf.com

To: Larry Brubaker who wrote (34414)	11/20/1998 11:59:00 AM
From: GlobalMarine	Read Replies (1) \| Respond to of 35569

Larry: I think Black Friday represented the beginning of the end for the entire desert dirt sector, as people finally started waking up to the realization that they have been snookered by the hype. IMO, the "players" involved have already made their money from DD stock prices blasting off in early 1997 and they couldn't care less anymore about mining dirt. Still, greed and dreams persist, and there are a few people remaining who keep the faith.