Hi Guys!

I think a lot of the performance for IPT lately can be explained by base metals prices. I have always considered IPT to be a silver story, but the fact remains that a lot of its operational margin comes from BM credits, since they are mining sulphide veins. When the market started to figure out that the 'recovery' is just smoke and mirrors, the base metals plays have been hammered, and IPT was selling off in sympathy.

Now I know they have been mining ore zones lately that are richer in silver, and are working to get gold-rich zones developed and perhaps then the market will take more notice of IPT in a PM bull market.

The bottom line for me has always been that IPT is one of the few juniors that is sustainable from its own operations. They do not need to issue large chunks of stock every year to keep things moving. I have many other juniors in my PF that are performing much better in terms of share price, but are not nearly as effective in getting mines into operation and actually making money, and as a result these others companies do placements frequently. I suppose Fred could have raised $10 million and accelerated his development plans, but at a cost of severe dilution with questionable long term results. I am happy with the decisions that they are making and I have been fortunate to double up my holdings in IPT during the dip earlier this year, and even added some more shares last week. Life is good.

cheers!

mike