Maxam Gold Corp. reports on first valuations of its Peoria South
mining property
GILA BEND, Ariz.--(BUSINESS WIRE)--Jan. 10, 1997--Maxam Gold Corp. (Maxam) (Bulletin Board:MXAM)
reported receiving the following exploration data from its Peoria South property.
Peoria South is a 640-acre property adjacent to Maxam's Peoria Seven property, where a pilot mining project
is already underway. (See news release dated Dec. 9, 1996.)
Hewlett Mineral Management Co., Ridgecrest, Calif., is retained for consultative services in the valuation of
various Maxam properties. Hewlett reported its analysis from results of recent drillings and trench samples on
the Peoria South property.
The values reported herein are limited to samples from surface to 30 feet and are representative from 10 acres
of the 640-acre property.
The Hewlett report identifies, in part:
"... The Proven Ore Reserves, are as follows:
Depth Tonnage Gold Gold Gross Value Net Value
Grade (total
(Troy Troy
ounces/ton) ounces)
0' to 30' 6,666,666 0.053 353,333 $123,666,651 $72,493,324
(Gold = $350)
(Cost of production = $142/Troy ounce AU)
The Fire Assays were conducted at Skyline Labs, Jacobs Assays,
and XRAL Labs ..."
Peoria South is a property in which Maxam is currently in discussion with several companies for joint
venture/private placement investment to commence mining production and conduct further exploration on the
remainder of its area.
CONTACT: Maxam Gold Corp.
Al Hubbard, 972/625-6430
fax: 972/370-0632
Dale Runyon, 309/699-8725
fax: 309/699-1275 |
