I have noticed for several weeks that IPT usually opens in the green. That may seem like nothing special, considering that the metals have been strong for several wees, but is an anomaly compared to the rest of the emerging juniors. The market is not bidding up producers significantly right now despite the strong metals. I own many of the producing Mexico juniors, and most of them cannot get out of their own way right now.

I attribute the stronger performance from IPT to better fundamentals and a strong balance sheet. But I also suspect that there is a fund or institution that is quietly accumulating stock in small batches. The patient accumulation would explain why IPT always opens higher. I have also noticed that EGD, a sister company to IPT, is also being gradually accumulated.

The only other explanation that comes to mind would be if another company is quietly building a position before launching a hostile takeover bid. I certainly consider IPT to be undervalued, and the property assets it controls in Mexico are a worthy objective for any acquisition strategy. IPT has a tight share structure, so if I wanted to buy 10% of the stock before declaring my intentions, and do so as cheaply as possible, I would take down small batches of stock for many weeks and build a position of 4 million shares quietly.

Whatever is going on, it is nice to see the stock closing in on the $2 level again.

cheers!

mike