Chuck: I wish we could get updates and/or press releases from Maxam that spell out exactly where the company stands. Of course, that would be asking A LOT, TOO MUCH IN FACT. Just look at the info presented at the 1998 AGM. The company knew since January that funding was unavailable to complete the Peoria Seven mine. That info was withheld until the AGM. The company said in 1997 that production would commence in Q2 1998. We weren't notified until AGM that there would be no production until early 1999. And the company tried to save face by saying that "production in Q2" had referred to the pilot plant, not the Peoria Seven mine site. Whenever negative developments occur, they don't get reported for months and months. OK, I suppose the company doesn't want to damage the stock price, but the info leaks anyway (to everyone except us SI posters, it seems!) and the stock price falls anyway.
Let me try for the Grand Maxamite for the month of August by speculating what Tuesday's news release will say (I doubt it'll be released Tuesday, though, because the company has no history of issuing news when it says it will):
1) Pilot plant tests have been delayed (take people's hope away about pilot plant test results being available).
2) Leach tests need to be conducted to optimize leach chemistry before the pilot plant can be successfully run (take people's hope away by saying more testing is needed, but give people hope by saying the pilot plant will be run soon).
3) Some leach test results will be shown. The assay numbers will be like those at the AGM. No bulk sample sizes, though. Maybe 750 grams, maybe a bit larger to suggest to people that the process scales up (give people hope that progress is being made).
I hope I'm wrong on the foregoing. Anyone else care to run for Grand Maxamite?
Rand |
