I got to a meeting a bit early today so I found the time to browse the IPT annual report and I am impressed by the volume of information that was presented. There was a pretty comprehensive summary of some of the exploration work that is underway, much of which I do not recall seeing released in prior NRs. I find the scope of the activity underway to be very encouraging for the future prospects of this company, and I know of several other juniors that are practically comatose by comparison.

What caught my attention is the elevated gold grades that have come from drill and sampling data on some of the new targets. For most of the time that IPT has run Zacualpan, the story has been about silver and zinc. I think the real possibility exists that IPT will build leverage to gold and begin at least one gold focused mining operation. This would also require a new mill to be built, since the gold mineralization will probably not be compatable with the silver-zinc ore to run through the same recovery circuit. The company reported that 3 teams of geos are working on exploration and target definition right now.

Considering the tight share structure and the healthy cash position in the treasury, I cannot think of another junior that offers more bang for the buck.

cheers!

mike