I have added a few shares of IPT to my PF lately and its now grown to my largest holding. On one hand that is very bad news since the slide continues in the share price, but on the other hand its very good news since the market does not often provide such value. I am not even going to bother speculating on how long the window will remain open. I do plan to buy more as I free up cash, but hopefully the stock will stay low for a few more weeks.

I know the typical reaction to this kind of selloff is to assume that someone knows something I dont. But I have been to this project, and keep in regular contact with management, so I do not have any fear that this is anymore than an irrational market at work during difficult times. The financial crunch combined with the bear market conditions overall have convinced investors to get out of 'risky' junior mining stocks.

My personal opinion is that IPT is growing earnings and reducing operating costs year over year, while increasing production and delivering strong exploration results. That is pretty much exactly what I want to see in a junior. With a strong balance sheet, no debt, growing cash in the treasury, and solid management, that is what I want to see in any top investment choice. While some may fret about risk, I think IPT is a lower risk alternative than most other larger mainstream stocks, in the recessionary environment that is threatening profits in most other sectors.

I do not see high metals prices going away, so the earnings should continue to grow for IPT. My guess is money will start flowing back into the stock soon. But if not, at least I can sleep well at night holding this one for the long haul.

cheers!

mike