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Whaler:
I was at PDAC and spoke with ISM's geologist Andre Ciesielski. He indicated that this fourth zone was quite large in that they were observing 200M of low grade drilling over a span of 600m. He indicated that this area was very straight forward to assess as there were no faults in the area (unlike Langmuir 1 & 2) and the NI content was consistent. He also indicated that little exploration has been done in the NW and they expect large similar high tonnage low grade deposits in the area. He did not put an estimate on the tonnage but indicated it was quite large. He also indicated that there was no copper in the area, but there is cobalt, platinum and palladium.
aatozz
Whaler:
You have to forgive Nickel77 as he is just incapable of understanding the difference between the recovery of Nickel between high tonnage low grade deposits versus low tonnage high grade deposts. For instance, the following URL is an example of a an economic feasibility study on a high tonnage low grade Canadian model:
When I arrived at the PDAC registration desk they indicated that this was the largest PDAC ever. However, with virtually all booths manned with mining company personnel ready to answer questions, the Liberty Mines booth was empty at 10:00am this morning! Where is this company going??? Only the Chinese know!
aatozz
Another 500K (999 blocks @ 500 each, my screen doesn't got beyond 999) shares bid for $0.33 in addition to the 900K shares so far. This is not the NCIB, someone is buying!
aatozz
To All:
Sorry for the delay but it has been an action packed trip. Having a great time but it is sad to see the effect that the downturn has had in Florida. There were some last minute problems getting my son in via proxy as we needed a submission from our brokerage house, but everything worked out fine in the end. However, when there was some doubt as to whether my son could attend Mr. Randy Miller indicated that he would be willing to have lunch with my son after the AGM (via Mark V @ Gale) to discuss ISM. However, when I found out that Mr. Randy Miller was willing to have lunch to discuss ISM, I asked Mark V. if I could have lunch with Mr. Randy Miller late this week or sometime next week to discuss ISM in detail. Mark V is attempting to arrange that lunch which should be finalized later this week. My son did attend the ISM AGM and here were his observations:
- The ISM AGM lasted approximately 30 minutes.
- 3 shareholders attended, of which my son was one of them. Total attendance was approximately 10 people, including ISM management, at the AGM.
- My son specifically asked how ISM was going to increase shareholder value since they rely on share value to purchase at least 50% of the services they require for ISM exploration activities. ISM management responded by saying that they are actively engaged in fulfilling the Micon recommendations in the report and that they are working with Micon to increase the size and grade of the two resources outlined in the Micon report in nearby areas.
- My son, realizing that a later meeting was going to take place, did not want to hold up the AGM and asked only that one question.
- My son did meet both Mr. Randy Miller and Mr. Herbert Brugh. Mr. Brugh gave my son his business card and told him he could call anytime if he had any questions.
As I only talked to my son for a brief time I will talk to him in more detail over the next day or so and post any additional information that may have been overlooked.
aatozz
P.S. If anyone has any questions for my son regarding the AGM I would be happy to get those answers.
Dear Whaler and AG ISM members:
There is very little reference to Metal Mines in the MD&A of May 17th as outlined in my last post. Whaler has some excellent questions regardnig the potential spin-out of Metal Mines. The following is my review of Whaler's Metal Mines Questions:
Metal Mines Spin out questions:
10) Last question off the top of my head, after a dissappointing Micon report, the "spin out" is widely being viewed by the investing community as an attempt by ISM to shed a "worthless" property and divest itself of it's future exploration committments at Langmuir, which was/is the company's biggest asset. Can somone ask what Mr. Miller thinks of that possible market sentiment and can he comment further on the spin out's intent as it relates to unlocking shareholder value.
> Answer : The market found the MICON report disappointing but Mr. Miller did not when I talked to him on February 3rd. The last MD&A clearly indicated that ISM was focused on on the L1 & L North indicated resources. ISM and MICON did not expend any resources exploring the rest of the Langmuir property even though very promising results were reported (ie 2m of NI on Hole 32 at 15.5% NI, 39 samples had NI concentrations > 3.8% NI -- Oct 2009 MICON Report). They are following the MICON recommendations in trying to establish near-by mineral deposits to increase both the size and NI concentration of those two established indicated resources. Holes 52 & 51 are considered near-by (250m NE of L1 indicated resource) and that is why there was a press release. The concentration, thickness and close proximity to the established resource could significant increase the size and concentration of the L1 indicated resource. If successful, this would increase the probability that these indicated resources are economically viable. Perhaps a better way to ask this questions is as follows:
1st Alternate Question : Mr. Miller, given that ISM shares are sitting at a six year low and are now trading significantly less than liquid, or near liquid ISM assets, what do you believe is the cause of ISM shares being valued by the market at 28 cents?
2nd Alternate Question: What, specifically, is being done to restore shareholder confidence?
6) If the Metal Mines spin out is successful, what does that do to ISM's previously stated committment to follow through on Micon drilling recommendations?
Answer: From Pages 12 & 16 of the May 17th MD&A, ISM suggests that MICON, and ISM, have only concentrated on the L1 & L North mineralization zones. They suggest that there is a lot more potential in the ISM Langmuir holding. In my conversation with Randy Miller on February 3rd, he indicated that there was 100M tonnes of ore at Langmuir, but he also clarified that it is not all in one spot. This suggests that they intend to continue exploration activities at Langmuir.
7) If the MM spin off is successful, how much cash will be given to MM for working capital?
Answer: Good Question.
8) Will we see some outside blood head the new spin out or will we see any of the present ISM management as leadership there as well?
Answer: Good Question.