KEN CARYL RANCH, Colo., Nov. 16, 2005 (PRIMEZONE) -- International Precious Minerals Group, Inc. (Pink Sheets:IPMG) is pleased to announce that the Company's Board of Directors has unanimously adopted a new strategic focus for the Company. Effective immediately, IPMG's geologists will focus their efforts on identifying, acquiring, exploring and developing "world-class" ore deposits.
World-class ore deposits are the largest 10% of a given deposit type as ordered by metal content. These deposits dominate the supply of many metals and are, therefore, of great importance. For example, a world-class gold deposit would contain several million ounces of gold, and a world-class copper deposit, in excess of one billion pounds of copper.
To support this effort, IPMG has recently developed strategic alliances that significantly enhance the Company's exploration culture. Additionally, the Company has acquired private mineral deposit libraries and exploration databases, giving it access of one of the most extensive geoscientific databases in the industry.
Brian Robertson, IPMG's President, stated that, "We are searching for world-class ore bodies in districts that already host world-class deposits. One has a higher chance of intersecting economic mineralization by getting onto structural or geological trends within those districts. IPMG is focusing on secondary discoveries, extending from a proven ore deposit or past-producing mine. This philosophy sums up two world-class mineral deposits that IPMG is currently in the due diligence evaluation stages on."
IPMG consultants are carefully studying the overall commodities markets, looking at commodities such as titanium and tungsten where there are indications of potential near-term supply shortfalls. The Company intends to acquire one or more world-class deposits before the targeted commodities experience run-ups in prices like what has happened over the past couple of years with molybdenum ($5 to $35/lb) and uranium ($10 to $30/ lb).
IPMG is an active exploration company whose strategic objective is to generate multiple returns on shareholders' investments through the acquisition, exploration and development of world-class mineral deposits. IPMG's commodity focus includes gold, copper, molybdenum, tungsten, titanium, coal and uranium. The company is in the process of assembling a portfolio of significant projects in the United States and overseas.
About us:
International Precious Minerals Group, Inc. is a mineral exploration company focusing on gold and other precious mineral deposits predominantly in Southeast Asia and Africa. International Precious Minerals Group, Inc. was established to build on the strong contacts and relationships our management and other team members have internationally. The Company is publicly traded under the ticker symbol IPMG (PK).
We are in the process of evaluating or signing joint ventures with other companies in South East Asia and Africa to give us access to gold and other precious mineral leases. These countries are extremely rich in mineral potential, and relatively untouched due to the recent political instability. We plan to expand our portfolio of leases, while mining economically viable properties from the beginning.
Forward-Looking Statements:
This press release may contain forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the current expectations of the management of IPMG only, and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Factors which could cause or contribute to such differences include, but are not limited to, factors detailed in the Company's Securities and Exchange Commission filings; economic downturns affecting the operations of the Company, adequate financing to achieve the new strategic plans, and the unavailability of general financing to complete management's overall plans and objectives. IPMG undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. For a more detailed description of the risk and uncertainties affecting IPMG, reference is made to IPMG's reports filed from time to time with the Securities and Exchange Commission. www.ipminerals.com