Int’l Platinum unveils new strategy

At a recent press conference in Toronto, International Platinum (TSE) unveiled a new exploration strategy for its prospect in La Paz Cty., Ariz.

In recent weeks, two independent surveys — one by the Arizona Department of

Mines and Mineral Resources, the other by Kilborn Engineering — disputed the presence of precious metals on the company’s Black Rock prospect. Both surveys indicated gold values of less then 0.02 grams per tonne, although the Kilborn study did confirm the validity of one of International Platinum’s (IPC’s) “preferred assay methods.”

IPC President Lee Furlong told the full house that he was holding the meeting to “dispel confusion arising out of rumors, innuendoes and the distortion of facts regarding the existence of precious metals on the Black Rock prospect.” Following a brief history of the project, Furlong unveiled IPC’s new strategy. This includes:

– determining an acceptable fire assay technique in conjunction with several Canadian assay labs;

– selecting a lab, based in the southwestern U.S., to perform most of the analytical work, thereby deferring the cost of shipping samples (a Canadian lab will continue to be used for check assays);

– hiring a large U.S. engineering firm to resample 12 areas previously bulk-sampled by IPC;

– continuing definition drilling, along with stepout work.

Furlong also announced that the original property position has been extended to 16 sq. miles from 1 sq. mile, and that IPC has an option to earn an 80% interest in the project.

Investor interest continues to be strong since the release of the proposed exploration program. For the week ended May 16, IPC shares closed at 38 cents on a

volume of 10.2 million shares.