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Gold/Mining/Energy : Maxam Gold Corp. OBB:MXAM
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To: Chuca Marsh who wrote (8811)8/1/1999 8:17:00 AM
From: Richard Mazzarella  Read Replies (1) of 11603
 
Chuca, I've been trying to figure out why Maxam is so definite about setting a time to cut off the $30MM deal. Someone suggested that it seemed ridiculous for so small a company to look a potential gift horse in the mouth and dictate terms. I share some of that feeling. Dale specifically said to me that he didn't want to have negotiations open ended to delay and drag things out. He wants to free the collateral shares if necessary as soon a possible. This leaves me to believe that there are other people willing to fund Maxam mining. I told Dale that shareholders were very disappointed that they were being jerked around with the funding issues and that the $30MM funding announcement now looks a lot like bullshit pump PR so common from penny stocks. He said that he is required to inform the market and understands how it may look. While I have my doubts, I have to also observe that nobody from the company sold into that announcement or benefited IMO. In fact the only result was to create more doubt and uncertainty when the deal developed problems. There has been much too much disappointment at Maxam lately. I'm hopeful that all these problems are just part of the "cost" of getting to success. If mining the dirts was so easy, there would already be mines all over the place. Having said that, I still believe that 1999 will be Maxam's year.
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