Welcome to Ask the CEO
Welcome to Ask the CEO – my weekly website blog where I answer questions, each Monday morning, from shareholders, investors and other interested parties on issues related to the Company. Many of the emails and phone calls I receive from stakeholders focus on common themes such as the future of ILST as an investment and how our plans to grow and improve our business will translate into meaningful benefits for the shareholders.
My posts will focus on the Company and its growth strategies. In addition to discussing our performance and the current issues facing our business, from time to time, I will also address the external challenges we face, including volatility in the capital/equity markets.
I have had several inquiries regarding the Company share structure reporting. Early this year, I received an email from Stalt, Inc., the past transfer agent. Below is an excerpt of the email:
“In our approach to developing business relationships with our clients, we have never placed the importance of service second to our own needs. In evaluating current market conditions, the future of the capital markets industry and the potential needs of our clients, we have made strives to make the best overall transfer agent group in the industry and will be merging with a trusted member of our industry, a friend and business partner, ClearTrust, LLC. Our main goal is to have a complete solution for our capital markets clients and extend the value of our group to our current and potential clients. Our group can now offer a wide range of services from corporate development and structure, corporate advisory and capital investments, to transfer agent services, DWAC, FAST, document retention, XBRL, auditing, financials to name a few. We look forward to our continued partnership and hope to eventually offer you services you do not currently utilize. We are excited to welcome Kara Kennedy to our services group.”
While ClearTrust generally does not provide its clients share structure, they have agreed to provide this information for International Star. Share structure information should be available as of today. On that note, the share structure has not changed for close to one year, despite the fact that claims payment to both the claim holder and BLM are $30,000 annually, as well as, several test performed by a variety of accredited labs.
We have posted the 9 month interim financial statements on our website. I wanted to inform shareholders that we continue to move our Plan of Operation through the process with BLM. It is slow, much slower than anticipated, but we remain optimistic of the outcome.
Additionally, I am initiating conversations with potential joint venture partners/equity investors to assure that, once permitted, capital will be available to carry out initial mining operations. I will endeavor to keep shareholders and the investment community apprised as events unfold.
I just wanted to provide a brief update on the status of the Company’s Preliminary Plan of Operation (“PPO”). We had targeted next week for submission of the plan to the Bureau of Land Management. Part of the PPO requires an economic analysis. In order to complete the economic analysis, we need the final report from McClellan, which won’t be available until next week. As such, the targeted submission timeframe has been moved back two weeks.
I just wanted to provide a brief update on the Company’s webcast. The logistics should be finalized today and an announcement will be made this week. We are still on target for Mid-April.
Last week, the Company published the “check assay results” from Skyline Labs. I received many inquiries as to what do the results mean. Put simply, the Van Deemen gold project has been explored by several companies over many years. Each did their drilling and sent the results to independent labs.
As several companies and labs were used, the Company wanted to ensure that information contained in the historic reports was accurate. Fortunately, the land owner, had pulps left over from the 1986 drill holes. One of the larger historic assays, was performed by Chemex Labs. As such, we selected 66 samples that had been previously assayed by Chemex and sent the material, plus 3 standards and blanks to Skyline to check on the accuracy of the results. As noted in the most recent press release, the correlation was 98%.
So what does this mean? It means that we feel confident that the historical assay results for Chemex are accurate. Over the next couple of months, the Company will continue to check results from all the labs as is appropriate.
What is the difference between the assays Skyline did and the other samples sent out for metallurgical testing? As noted above, Skyline “re-checked” previous assay results. The recent bulk sample the team took from the project area, were sent to a lab for metallurgical testing. Simply put, metallurgical testing is the technique or science of separating metals from their ores. These tests will tell us how to process the material to optimize gold recovery.
Lastly, there are some new items on the website specific to the Van Deemen gold project. It is our goal to help shareholders understand the project and opportunity.
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