<<I assume you mean the Peoria plant?>>
Richard: Now that you ask, I'm not sure which plant I meant. Maxam has mentioned so many different plants lately, I'm having trouble keeping them straight. For example:
May 18 PR: "Peoria Seven Mining, LLC has built an offsite mill with a ten ton per day capacity, scheduled to be operational in July, 1998."
May 20 Chairman's Message: "In the interim, Peoria Seven Mining and Milling, LLC has built a mill with a ten ton per day capacity, scheduled to commence operations in July, 1998. This pilot mill will prove concept and efficiency of the Leaching System; and, fine tune the recovery of metals from the leach solution."
July 15 Chairman's Message: "The pilot processing plant, located at Cimetta Engineering and Construction Company, Inc., Tucson, Arizona was completed in May."
August 17 PR: "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."
August 17 Chairman's Message: "Maxam decided not to allocate funds to upgrade the existing batch process facility in Pima County and Cimetta did not follow through for the permit application. Instead, Maxam management has elected to proceed with plans utilizing the proposed MCM Mill site and facility on a private property location in Maricopa County. Meanwhile further processing at the pilot batch plant located at Cimetta Engineering and Construction Co., Inc., Tucson, Arizona has been delayed."
I guess it is the August 17 Chairman's message that got me confused. Up until then, I thought all the PR's and Messages were referring to the 10-ton per day pilot plant, first referenced in the May 18 PR. Then the August 17 PR mentions the "existing batch processing facility in Pima County (is this the same as the 10-ton per day facility at Cimetta)? If it is the same facility, then the message is confusing because it says both they decided not to allocate funds to upgrade the facility (why would they need funds to upgrade a facility that was completed in May?). If it is not the same facility, what facility is it?
The same Message says they plan to utilize the proposed MCM (Maxam Custom Milling, I assume) facility, but does not say what they intend to utilize it for. Then the next sentence says further processing at the Cimetta facility has been delayed.
So, if the processing at the Cimetta facility has only been delayed, why do they say they did not allocate funds for upgrading the facility (implying they are abandoning it)? Also, if processing at the Cimetta facility has only been delayed, why are they using scarce funds to pursue the MCM facility?
Or alternatively, if the Cimetta facility has been abandoned (as suggested by the statement that they did not allocate funds to upgrade the facility), why do they say that processing there has only been delayed?
Or is there a 3rd facility that they did not allocate funds for upgrade, but is not the Cimetta facility?
Maybe somebody can sort this out for me? I'm thoroughly confused.
Like I said the day I sold; too much mumbo jumbo, not enough progress.
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