Maxam Gold Corp. OBB:MXAM Message Board

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Gold/Mining/Energy : Maxam Gold Corp. OBB:MXAM

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To: Char who wrote (8421)	5/18/1999 10:06:00 AM
From: Claude Cormier	Read Replies (1) of 11603

<<Claude, Are you saying that you don't believe any of Richard Hewlett's resource calculations? >> No, I did'n say that... given the work perform to date... a geological resource of that size is possible.... But there is a big difference between a resource and a reserve. Most geological resources are never mined. You see Char, you cannot go to a bank with a resource in hand, you need an orebody (which is a proven reserve that is mineable and economic at current metal prices). In order to reach that stage, you must spend enough exploration dollars to reach a very high degree of certainty that the metals are there. You must also complete a feasibility study that says "yes...you can mine this at a profit and you should proceed as follows.". Banks and other groups specialized in mine financing will usually not finance the development of a mine without these two elements in place. OTOH, investors will finance exploration work to prove up an orebody by taking shares in the mining companies.

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