Shares of Toronto-listed International Platinum Corp. (IPC) appear to have regained their investor appeal. For the week ended May 10, nearly 5.1 million IPC shares traded hands, with the stock moving up 16 cents to close at 44 cents.
The previous week, the shares resumed trading at 27 cents, down significantly from a pre-halt close of $1.20 following release of the TSE’s findings from an investigation into the company’s Arizona property. The TSE investigation, conducted by Kilborn Inc., found that there were no significant precious metal values in 18 samples collected. However, the Kilborn report did confirm that one of IPC’s “preferred assay methods” was valid for determining gold values.
To prevent further controversy, IPC is progressing with a $1.4-million exploration program on the Black Rock property.
Under this program, IPC plans to hire an independent U.S. engineering firm to carry out additional sample collection. The company is also working with two Canadian analytical labs and has sent samples to some state-registered assay labs in Arizona.
IPC has also requested that Kilborn resample its sites at a greater depth, but Kilborn has declined to do so.
“We’re genuinely trying to resolve this,” Warren Tschannen, IPC’s chief executive officer, told The Northern Miner.
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