Maxam Gold Corp. OBB:MXAM Message Board

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Gold/Mining/Energy : Maxam Gold Corp. OBB:MXAM

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To: TrueScouse who wrote (8971)	10/11/1999 5:25:00 PM
From: Ed Devlin	Read Replies (1) of 11603

News out. Maxam Gold Corporation Announces New Analytical Procedure and Funding Update EAST PEORIA, Ill., Oct 11, 1999 (BUSINESS WIRE) -- ASSAY ANALYTICAL BREAKTHROUGH Maxam Gold Corporation (OTCBB:MXAM) announced today achievement of a significant breakthrough in the fire assay analytical procedure for its desert alluvial ores. This new procedure provides more accurate and faster determination of gold content in Maxam ores by eliminating the formation of gold and noble metal alloys in the fire assay stage that resist the chemical separation required for accurate gold and noble metal determination. Maxam has been successful with this procedure in its internal analysis and arrangements for validation from an independent lab is underway. RECOVERY PROCEDURE PROGRESS Maxam also reports modification to the recovery procedure for gold and palladium from the leach solution which precipitates gold in a .9999 fine granular form and palladium separately, also in nearly pure form. This modification eliminates the resin ion exchange columns, and by-passses the refinery for gold and palladium. The large number of non-precious metals and rare earths extracted by the Maxam leach process present challenges that require the Company to continually search for more efficient methods for recovery of these elements to increase profit potential. Critical to these achievements have been the dedicated work by Maxam laboratory employees, and Maxam consultants Richard Hewlett, Max Cooley and Frank McGarvey. Maxam continues to search for new procedures and anticipates the ability to selectively recover platinum, rhodium, and iridium in the future. FUNDING AND JOINT VENTURE UPDATE Maxam continues to pursue credible funding opportunities and is in discussion with several potential sources. Maxam management is also working with consultants to coordinate discussions with one major mining company for joint venture and two junior mining companies for joint exploration programs on certain Maxam properties. The funding announced for July, 1999 has not occurred and although discussions and negotiations continue, an imminent resolution is not scheduled.

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