Int’l Platinum shares halted, independent consultant hired

Toronto-listed International Platinum (IPC) has hired the U.S. geological and engineering firm of Behre Dolbear & Company as its independent technical consultant.

Behre Dolbears’ initial assignment is to supervise the sample collection of up to 100 tons of material from IPC’s Black Rock project in Arizona. Not only will the firm collect the bulk sample; it will also verify its transportation, gravity concentration processing and precious metal collection.

In addition, Behre Dolbear will conduct a geological review and assist IPC with an “assaying due diligence program.” Under this program, a large number of samples will be independently taken and sent to four U.S. assay labs and one prominent Canadian assay lab.

In other news, a cease-trading order has been issued against IPC, pending completion and lodgement of 1993 financial returns. The financial statements were to be filed on May 18, 1994. However, owing to the auditor’s wish to establish the materiality of IPC’s investment in the Black Rock project, there has been a delay, IPC reports.

Black Rock has been controversial ever since, several months ago, IPC issued reports of gold- and platinum-bearing material from shallow samples on its property. IPC’s assay consultant said a “dore” bar processed from Black Rock samples contained 0.247 oz. gold, 1.086 oz. silver, 0.351 oz. platinum and 0.123 oz. palladium per ton.

At the request of the Toronto Stock Exchange, Lakefield Research assayed the bar and found the values were “not materially different” from IPC’s assay. In its “certificate of analysis,” Lakefield added that it “does not accept any responsibility for calculated gold and precious metal contents in the original sample material, as the metal bars were produced by an unknown third party.”

With regard to the current cease-trading order, IPC expects trading of its shares will be resumed within two weeks. “The company will be endeavouring to make the period of non-trading as short as possible,” an IPC release said.