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

To: bconard who wrote (8818)	8/2/1999 7:57:00 AM
From: Richard Mazzarella	Respond to of 11603

Bob, <<did you happen to ask>> No I didn't, but I think the time is being used to work up something agreeable to each party. The impasse was identification of the funding source and the securities collateral required against each draw. I had jokingly suggested maybe it's drug money, but maybe it's from money more centered in the mining industry (a major, or major funding source) that doesn't want to generate a land rush property appreciation or shake it's current partners, more Mazz wild ass speculation. The basis for the funding was simply Hewlett's analysis of the property. Hewlett was the pioneer for copper mining reserves in the southwest, a world recognized expert. There is also interest in the non gold precious metals developing. The precious metal business is going to change. Majors have become options generators (hedgers), not miners. People don't believe most anything said by a desert dirt, but I would suggest an exercise where we take what Runyon says as true and then try to understand the workings. I also get a sense for a smaller funding just to get mining underway as a demonstration. There seems to be a lot of balls in the air, there are problems that could be worst. Maxam will survive (I wasn't so sure last year), they have the source of capital to continue development and their method of hiring consultants keeps control of costs. We can speculate till our heads fall off. <VBG> Having said all this speculation, I don't get any information that anyone else wouldn't. Give Dale a call and let's compare notes.