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Gold/Mining/Energy : MAXXAM (ASE:MXM)

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To: Paul Lee who wrote ()12/31/1998 7:20:00 PM
From: Paul Lee   of 52
 
Happy New Year:
Statement by the Pacific Lumber Company Regarding Habitat Conservation
Plan

SCOTIA, Calif.--(BUSINESS WIRE)--Dec. 31, 1998--The Pacific Lumber
Company has agreed to the principles of a final Habitat Conservation
Plan (HCP) to be published in the Federal Register and to cooperate
jointly in good faith with the federal agencies to complete the
document.

The company will work diligently with the federal agencies to assure
that the final text of the HCP as drafted properly embodies the many
issues raised by both the California authorizing legislation and the
public comments received with respect to the draft HCP published in July
1998.

Until the company has had an opportunity to review the complete text of
the final HCP, it cannot formally concur in its terms. In addition,
closing of the Headwaters transaction cannot occur until all of the
other requirements of the 1996 Headwaters Agreement and the federal and
California authorizing legislation have been satisfied.

The company's concurrence in any one of the component agreements in the
Headwaters transaction is contingent on the agreement of all parties in
all necessary agreements; each agreement is dependent on each of the
others
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