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Gold/Mining/Energy : Maxam Gold Corp. OBB:MXAM
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To: Anthony Zack who wrote (6069)10/13/1998 2:23:00 PM
From: Richard Mazzarella  Read Replies (1) of 11603
 
Tony, <<these results to be used to determine the location>> I don't think so. I understand that the COC with the BLM is a totally different project. The tests reported in the last two PRs are recovery experiments. Maxam is testing the merits of different absorption media (carbon and ion exchange resin). Every recovery test that produces metal should encourage all of us. These results take the stuffing out of guys like WL that say there aren't any metals, I love it.

<<speculate that .666 oz/ton screened ore>> While I don't care for the exact numeric representation (666), that's my speculation. <VBG> I think we could see even higher values from the COC audit, Maxam is working to get at the highest graded ore available for funding the mine. It could then be a no brainer for funding IMO.

<<indicate the next steps>> I expect Runyon to spell that out for us soon. My current understanding is that recovery testing will continue. As soon as the BLM approves Maxam's plan, the COC drill program using the paleo-channel mapping will begin. It may take a few months for that to be completed, but then the company will have an approved COC resource audit. That audit is then taken to investment bankers to build the mine. That's my simple understand and conjecture. Maybe I need to post a safe harbor statement? <VBG> While I have lots of doubts about some of my other desert dirt investments, Maxam has been and continues to be my best bet for success because their resource and because I trust Maxam's management.

There is always a chance that the other funding efforts by Maxam could come through and surprise the market. The shorts better cover. <VBG>
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