MXR MAXIMUM RESOURCES INC. (VSE:MXR) UP? Message Board

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Gold/Mining/Energy : MXR MAXIMUM RESOURCES INC. (VSE:MXR) UP?

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To: Tom McIlwain who wrote (20)	12/4/1996 6:44:00 PM
From: ken garnache	of 751

Tom, Sorry to but in. I believe the bank issue Merle is talking about is what I described in post #10. I am copying it here. I think the cleanup that Mr. Berg refers to with MXR involves about 120,000 in past debt. I believe that Mr. Chysik the ex-president was to sign off on 70,000 of this and a group of investors was to have taken care of the remaining 50,000. I believe this did not go to completion as the group pulled out due to the length of time the Bank of Nova Scotia was taking with confirmation from the Branch Office Omnibus. I believe the company had sent it's second request for this to move forward, but nothing had been heard and the group pulled out saying they would be back in January. I believe now that the company will do an end run around the problem until January. I believe the bank issue is with the Bank of Nova Scotia in regards to cleaning up 120,000 dollars of past debt. They are going to ignore this problem until January, and continue with other matters. I believe there is an ongoing audit being performed by De Visser and Co. and that a rough draft is due soon. So there should be audited financials coming. There should then be an offering to obtain operating capital, to pay for expenses, as there is no current cash flow. I believe they are working on MXR's interest in the project and this could be resolved soon. I believe they will receive 20%. I believe there will be very little dilution involved with obtaining the interest. I think the majority partner will appear by early January. I think this is when the drilling will start. I think the amount of drilling that the geologist Gordon House recommended in his report could be completed in less than two months, if everything goes well. It could probably be done comfortably under one million dollars. I believe there is small scale production coming from the Mina Claudia Project. This should be substantially increased by widening the road to allow large mining trucks to take ore between the mineralized deposits and the main road. The current production has been listed as 100 to 200 tons a day. Basically this is what a Mom and Pop mine is producing. To increase this to 700 tons a day or more, could probably be done within a month. I am going to include a calcution by Jerry Keba from the NPEC thread (I hope he doesn't mind). From Jerry Keba: BTW: 200 tonne/day = 440,000(lbs) * .02(%) * $.50 *.20(share) = $940/day Beats a kick in the head! Of course what we are talking about here isn't commercial production, which would dwarf this. We are talking about getting some cash flow to defray the expenses of development. We are expecting updates that will probably include the Mina Claudia Project in the near future. Everyone stay tuned. Regards ken garnache

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