Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Maxam Gold Corp. OBB:MXAM -- Ignore unavailable to you. Want to Upgrade?

To: Richard Mazzarella who wrote (8733)	7/8/1999 8:17:00 AM
From: astewdft	Read Replies (1) \| Respond to of 11603

Thursday July 8, 8:01 am Eastern Time Company Press Release MAXAM GOLD CORPORATION Announces Update On Announced Funding MAXAM Funding Update EAST PEORIA, Ill.--(BUSINESS WIRE)--July 8, 1999-- Maxam Gold Corporation (OTC BB:MXAM - news) on May 12, 1999 announced that it was entering into a $30 million funding agreement, with closing and initial draw of $10 million scheduled for July 1, 1999. The funding is secured with the open-pit mineable resource of 6,000,000 Troy ounces Gold Equivalent on the four Peoria Seven claims, plus 50 million common shares of Maxam Gold Corporation. At the final contract meeting, it was determined that the funding source had not met two of Maxam's required conditions. As a result, Maxam has agreed to grant a 45-day extension for the source to meet these conditions. Failure to meet these conditions will result in the security being released from the trust account, making it available for other sources of funding presently under consideration. Safe Harbor Statement Some statements contained in this and/or other Company correspondence are to be considered ''Forward-Looking Statements'' as defined under the Private Securities Litigation Reform Act of 1995. The words ''believe'', ''expect'', ''anticipate'', ''estimate'', and similar expressions are intended to identify forward-looking statements. Such statements are subject to certain risks, uncertainties, and assumptions, including: the likelihood that the Company will continue to incur losses from operations and investments pending development of its mining properties; the uncertainty that the Company will be able to continue as a ''going'' concern; significant additional capital requirements and, the effects of economic factors, geological factors, operations factors, and governmental regulations on exploration or mining operations. The Company does not undertake to update any of the forward-looking statements that it may make from time to time. Further, there can be no assurance that any forward-looking statements will ultimately prove to be accurate. -------------------------------------------------------------------------------- Contact: Maxam Gold Corporation Dale Runyon, CEO, 309/699-8725 Fax, 309/699-1275 or Al Hubbard, President, 214/999-6066 Fax, 214/999-6721 Web Site: maxamgold.com