DESERT DIRT INDEX VALUES AS OF FEB 28, 1998:
NOTE: During the month of February, the DD Indices were down an average of 18%, with all companies down,with the exception of MXAM which was flat: NAXOF was down 11%, GPGI down 12%, CHIP down 18% and IPMCF down 54%.
During the week of Feb 2, CHIP announced gold and silver assays fon its Arizona Cochise property, yielding per ton valuations of approximately $45, recoverable by conventional mining methods. Also, NAXOF announced plans for a pilot recovery plant and permitting for an additional 200 drill holes at Franklin Lake.
During the week of Feb 9, IPMCF announced that it would request a hearing regarding a determination to delist their common shares from trading on the NASDAQ SmallCap.
During the week of Feb 23, MXAM announced plans to form a subsidiary company to provide custom recovery services to other mining companies using the MAXAM/Hewlett Chlorine Bromine leach process. A batch facility capable of treating 10 ton/day of concentrated ore is planned for July 1998, with a 30 ton(concentrate)/hour plant scheduled to come on stream in July 1999. (Note: These facilities are additional to the 1000 ton/day recovery plant scheduled for startup on the Peoria property in second quarter 1998.)
For the year of 1998 through Feb 28, MXAM's stock price is unchanged, NAXOF is -22%, GPGI is -30%, CHIP is -41% and IPMCF is -44%.
A basket of the five stocks is down 24-27% on the year, depending on the particular indice.
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