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Gold/Mining/Energy : Maxam Gold Corp. OBB:MXAM
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To: Larry Brubaker who wrote (4359)5/16/1998 11:34:00 PM
From: GlobalMarine  Read Replies (1) of 11603
 
Larry: I remember asking Dale about the various plants some time ago but my memory is a bit fuzzy now. There are at least three different plants to be built:

1) The Peoria Seven mine, with initial capacity of 1000 tons a day head ore (or about 300 tons a day screened ore). This mine was scheduled to start "after Q1." One or two press releases also made mention of "April, 1998" being the startup date. It appears that production won't occur for some time yet (e.g. an engineering form is doing a report on the recovery process, with such report due out in a few weeks...perhaps it's an independent report evaluating the merits of the process).

2) The Maxam Custom Milling plant, with capacity of 300 tons a day of concentrated ore (remember the falloff to 36 cents when some people confused this plant with the Peoria Seven mine and thought that the latter was delayed until 1999).

3) The 10 ton a day batch plant referred to in the Maxam Custom Milling press release. This is where my memory gets fuzzy. I believe that there is to be built a pilot plant of sorts to help design and test the operating parameters of the Peoria Seven mine. Whether this pilot plant is the 10 ton a day batch plant, I cannot recall. Can anyone clarify this?

As regards financing, it appears that financing up to now has been based on related-parties loans; I asked about the number shares o/s and it was still at 45 million a month or two ago.

Rand
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