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Gold/Mining/Energy : Maxam Gold Corp. OBB:MXAM
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To: Larry Brubaker who wrote (4368)5/18/1998 2:01:00 AM
From: go4it  Read Replies (1) of 11603
 
Larry,

<<Charles: If you are still awake, what I am most interested in is whether you can shed light on their plans for 1,000 tons per day production.>>

The company ran into problems regarding permitting which has delayed production. The permitting that was required I was told revolves around a new law that was meant to keep people for filing claims and then sitting and living on those claims and in essence getting cheap property from the government to live on. Maxam hopes to have a 10 t/day operation up and running by the end of July. This is suppose to be the pilot run for the process and hope to have a 1000 t/d operation in effect in Feb 99 and ramp that to 2000 t/d. These are three different start dates and rates.

There is a 4th start date is for start-up of the LLC and that will hopefully be processing 30 t/day in July of next year.

We also drove by a large whare house type building that was somewhere in the neighborhood of 7000 sq feet. This bldg is in Gila Bend and will be used as their lab. They hope to have that in operation by the 2nd quater of next year.

I have no details on the financing other than the fact they Mxam will not become fully reporting in the immediate future based on financial advice given to the company. That was not something that I liked to hear and I asked about it. The explaination that I was given was exceptable IMO and there was absolutely no side stepping of the issue when I asked.
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