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

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To: Richard Mazzarella who wrote (3211)	12/1/1997 2:16:00 PM
From: GlobalMarine	Read Replies (1) of 11603

Thanks, Richard, for your post. I read through Jay's report and can't figure him out. IPM bombs out with the recovery method it had been testing for almost a year and has only a fire assay to work with right now, yet Jay says it's the only company than can build a mine. Maxam, OTOH, has drilled, and gotten Hewlett Mineral Management to fire assay and calculate proven and probable reserves of 3.8 million oz on gold on Peoria 7, and the company plans to go into production next year. If Jay thinks the mine will be uneconomic, he should directly say so, yet he doesn't. Something doesn't compute. Jay errs in saying that a reserve cannot be calculated on the property yet. I can agree that the enriched zone needs more holes to prove its content, but what about the 3.8 million oz in p and p reserves calculated by Hewlett? A man of Hewlett's credentials would not calculate p and p reserves unless enough holes were drilled. Jay's a puzzlement right now. His recent messages are short on specifics and long on IPM. Rand

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