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Gold/Mining/Energy : Maxam Gold Corp. OBB:MXAM
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To: Richard Mazzarella who wrote (8)1/10/1997 4:01:00 PM
From: Alan Vennix   of 11603
 
I was able to get in several weeks ago @ 0.14 when there was no other action, but immediately after my order the bid and ask went up.

Adding to what Richard said, the Dec 10 Notice about the Peoria Seven properties had an attachment by Hewlett Mineral Management detailing some of the test results. The tests with General Kinematics grinders showed recoveries of 0.058 oz/ton after 25 min of grinding and 0.087 oz/ton after 35 min of grinding.

Other tests by Cosmos (also in Hewletts summary) using wet and dry grinding for times as long as 8 hrs, had recoveries up to 0.19 oz/ton. So the gold appears to be there in quantities approaching IPM's results. (IPM is located just 40 miles to the north of MXAM's Peoria property) Maybe MXAM chose to go with the General Kinematics mills as the economic way to get started, even though recoveries may be only a fraction of what is in the head ore. They will probably follow IPM up the learning curve and increase recoveries with time. If so, it will be much more than a $10 stock.

Per the question on small trading volume versus the number of shares out; my understanding is that of the ~45 MM share total, something less than 10 MM are in the float.

Waiting on more info from the company.

Al
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