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Gold/Mining/Energy : Micro-Fine Gold Plays - Franklin Lake, etc.
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To: Alan Vennix who wrote (252)1/7/1997 10:43:00 PM
From: Alan Vennix   of 615
 
Another 5000 share trade today, at the ask of 0.22. Small potatoes but the first time in quite awhile to have two trading days in a row!

For those of you who may not know about Maxam Gold, they have connections to IPM. Dale Runyon, CEO of Maxam, is also a principal (?) in Phoenix International Mining Corp, the company that leased the Black Rock property to IPM. Phoenix retained an interest in the Black Rock property and there is evidently a flow of information back and forth between IPM and Maxam through Phoenix (my conclusion based on comments by Runyon).

Maxam's property is some 40 miles south of IPM's. They have drilled 4 claims to 50 ft (the probable source of the estimated 3.8MM oz gold at 0.05-0.06 oz/ton.) They hold another 100 claims adjoining this property. My understanding is that the 3.8MM oz was from the 640 acre Peoria Seven property, but I don't know for sure how many of the claims are included in the 640 acres.

Still waiting for more info from Maxam.

Al
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