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Gold/Mining/Energy : Maxam Gold Corp. OBB:MXAM
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To: Larry Brubaker who wrote (3172)11/28/1997 11:20:00 PM
From: GlobalMarine  Read Replies (2) of 11603
 
Larry: I don't think that Maxam can do anything to confirm its claim of an economic recovery process until it so proves by going into actual production. Maxam already uses third-party consultants (Hewlett, Cooley and McGarvey) so bringing another in probably won't make much difference. One thing that has always concerned me about any recovery process is that it often does not scale up linearly...what seems peachy in a test tube often isn't viable on a production scale. While Maxam's production cost numbers look nice on paper, whenever I've called up Maxam and asked if the recovery process has been tested on a production scale, the basic answer I always get is that the consultants have done tests to support their calculations (i.e. the answer isn't a monosyllabic "yes"). Given that we're in uncharted territory with desert dirt, we have few or no normative standards by which to judge the economics of a DD recovery process, unlike the hard rock mining sector.

Rand
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