Maxam Gold Corp. OBB:MXAM Message Board

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Gold/Mining/Energy : Maxam Gold Corp. OBB:MXAM

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To: Richard Mazzarella who wrote (5314)	8/17/1998 11:47:00 AM
From: W.F. Schwertley	Read Replies (1) of 11603

Richard, I think the key paragraph in the PR is as follows; "The initial results from the Chain-of-Custody news announcement dated May 15, 1998 have been reviewed in depth by Maxam management and deemed not representative of the ore body for the Peoria Seven and Peoria South claims. Therefore Chain-of-Custody ores previously sampled are being abandoned and a new area selected. Leach tests at the pilot plant at Cimetta Engineering and Construction Co. has been temporarily delayed until ore is available from a new COC area." What they are trying to tell us here is that the PGMs (if any) are not economically recoverable. The rest of the PR is simply saying they are trying to figure out how to condense the PGMs in the dirt so that it becomes economically recoverable. Considering the lack of funds and PGMs, I'm surprise the share price didn't take another dive. Of course if we wait awhile longer... And it took them way too long to report the bad news (about 3 months)! WFS

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