2007 turned out to be a crappy year the PM juniors. Most of the companies I track finished the year below where they were in 2006, and this despite the fact that these companies accomplished a great deal to build shareholder value. IPT is certainly one of the juniors that I think has become stronger through the year. Now I am disappointed in where the current share price is, but I have to put it all in perspective, given the weak market conditions.

Look up the 1-yr chart for the stock. IPT traded relatively flat in 2007, which sadly puts it among the better performers within the sub-sector of junior producers. However, the share structure is much stronger now that almost all of the cheap paper has been absorbed in the market. The balance sheet is also stronger. The operating numbers are much better, with increases in production numbers, operating efficiency, and cash flow. And the exploration results have also come in positive, with a large inventory of targets still to be tested on top of the great results achieved in 2007.

I would have expected good results to translate into a higher market value for the stock. I think it will happen but it has been delayed. Gold is much higher than the start of the year, and silver is showing signs of breaking out to a new trading range. Base metals production will continue to contribute to IPT earnings and I think the metals are going to hold ground or perhaps edge higher in 2008. So all the ingredients are in place for a breakout year that I had expected to happen in 2007. I remain bullish as hell for this company.

cheers!

mike

PS: Voluntary disclosure - I own shares of IPT, and the company is a paid advertiser on my website. I present my own opinion only and do not offer investment advice or speak on behalf of the company.