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.
1. What are your plans for becoming Pink Current and removing the Caveat Emptor?
Last week ILST filed its past due financial statements for its fiscal years 2011, 2012 and the nine month interim period September 30, 2013. We plan on filing an attorney “Current Information” letter this week. Together, ILST should receive OTCMarkets top tier ranking.
2. Will you be using social media to keep shareholders and the investment community updated?
Yes, I recently created a Twitter account International Star and a Facebook page is coming. The Company is exploring other avenues to expand awareness and is reviewing a list of conferences which the Company could present its Business Plan.
3. What are the next steps for the pulps from Van Deemen?
- Pulp Handling, Sampling, Logging and Storage
- All pulps will be analyzed in GeoGRAFX’s Tucson office with a portable xrf unit for a suite of elements. These results are non-destructive, semi-quantative and cannot be used for resource estimates. This XRF unit has not arrived in Tucson yet.
- The inventory is almost complete on the 1,000 pulps from the 1986 drilling on the Van Deemen property. 23 of those holes had confirmed locations on the ground, totaling 403 pulps for re-assay. Each of these samples needs to weighed, as samples that are less than 30g will be held back until they can be analyzed with the XRF, as the assay lab needs at least 30g sample for assay.
- Certified standards and blanks material has been received. Standards and Blanks need to be created. We do not have enough material in the pulps to create duplicates.
- A unique sample assay tag will be placed in each sample bag before the bag is securely sealed. The drill hole number, drilling interval, sample assay tag number will be recorded for later transcribing to Chain of Custody documents that accompanied the samples to the assay laboratory.
- Quality control standard and blank samples will be inserted into the sample sequence at a rate of 1 standard or 1 blank per 20 pulp samples, representing approximately five percent of the total samples.
- Sealed and documented samples are placed in larger ‘bankers boxes’ which are securely sealed and stored in a locked room within the GeoGRAFX offices prior to their transportation to the assay laboratory.
- Pulp Sample Shipping
- The securely sealed pulp samples will be transported to Skyline Labs in Tucson for preparation and later assaying for Au, Ag Fire Assay - Gravimetric (assay) 0.03-1,000 g/mt, 30 g. Skyline Labs is ISO 17025 certified.
- Sample shipping documents accompany each sample shipment and any differences between the shipping documents and that received by the laboratory will be reported immediately to the company
- Once the pulps are received by Skyline, it should take 3-4 weeks to receive the results.
Welcome to the Inaugural Ask the CEO. I received several great questions.
1. Why does ILST carry the OTCMarket Caveat Emptor designation?
First, let me start by saying why a Form 15 was filed. The Company had been a fully reporting issuer under SEC guidelines. Rather than risk the chance of being revoked, Management made the decision to file the Form 15.
The Company does plan on bringing its financials current in the very near term and will be reporting through OTCMarkets. The goal is to be Pink Current by year end. During 2014 as time and liquidity permits, ILST will return to being a fully reporting company.
While I have not confirmed, with OTCMarkets, why the Caveat Emptor designation was placed on ILST, but I would surmise it was due to increased volume as a result of new management and the lack of historic financial disclosure. I will be in contact with OTCMarkets as past due financial statements and required disclosures are made to ensure a more appropriate designation.
2. Is ILST planning on doing a reverse merger?
The answer is emphatically NO.
ILST has a very valuable gold property that Management believes can be brought into production in the near term. Unlike other “pinksheet” gold claims, the Van Deemen is a well defined reserve with a historically reported 34,000 near surface ounces of gold. ILST is a pure mining endeavor that stand alone. Additionally, unlike most OTCMarket companies, there is no convertible debt.
Project update 12/2/2013:
Ms Carroll traveled to Kingman, AZ November 26-27th, to pick up over 1,000 pulps from historic drilling on the Van Deemen project. Those pulps are currently in Tucson and selected samples will be sent to Skyline Labs facility in Tucson to confirm historic assays. Once the assays are received, the geologic model will be updated, and results posted on the web site.
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