The metals are there as they SFA altho til now only under .15 OPT combined but at a SFA value and not done completely to Generally Accepted Mining Indusry full feaseability Standards ala an engineering compnay with a Final Plant and Flow Chart Design, yet; Maxam has had their own contractors design the circuits. We await yesterdays breakthru to tells us in the FUTURE what it all means in augmentation of the Ore Body- a 99.9 % fluid outtaking of the dirt IMPUT, I see that very well as a way to go. Go wait. Wait go. Wait Wait. Go Go...go4it.
Chuckathis is how one goes and gets it out. Long and tedious.
maxamgold.com
PRESS RELEASE
June 22, 1999
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MAXAM GOLD CORPORATION
Forms
Peoria South Mining, LLC subsidiary
OTCBB SYMBOL: MXAM
East Peoria, Illinois…..June 22, 1999
Maxam Gold Corporation announced today, filing required documents with the State of Nevada to form Peoria South Mining, LLC as a wholly owned subsidiary. Peoria South Mining, LLC will be the mining company for the Maxam Gold Corporation's Peoria South mining property, as funding and/or joint venture opportunities occur.
The Peoria South mining property consists of four claims (640 acres) in southwestern Arizona and is adjacent to the southeastern portion of Maxam's Peoria Seven mining property. As previously announced, the Peoria Seven property is reported to contain 6,000,000 ounces of gold equivalent metals in an open-pit mineable resource.
A Reconnaissance Total Field Magnetic Survey of the area, conducted by hydroGEOPHYSICS, Inc., Tucson, Arizona, reflected the existence of prospective paleo-channels in approximately 70% of the Peoria South mining area. Existence of these prospective paleo-channels, coupled with the published results from the five reverse circulation drill holes (to 100 feet) in the northwestern corner of the property leads Maxam's management to consider a detailed Electro-magnetic survey on at least 70% of the entire property.
Assay results from the 5-drill holes and the consistency of Electro-magnetic Reconnaissance Survey leads Maxam to believe this property may be a richer ore resource than has been reported to date on the Peoria Seven property.
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: 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, 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.
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maxamgold.com
PRESS RELEASE
July 8, 1999
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MAXAM GOLD CORPORATION
ANNOUNCES
UPDATE ON ANNOUNCED FUNDING
OTCBB SYMBOL: MXAM
East Peoria, Illinois…..July 8, 1999
MAXAM FUNDING UPDATE
Maxam Gold Corporation 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.
maxamgold.com
PRESS RELEASE
May 12, 1999
--------------------------------------------------------------------------------
Maxam Enters Into
Funding Agreement
OTCBB SYMBOL: MXAM
East Peoria, Illinois…..May 12, 1999
Maxam Gold Corporation announced today that it is entering into an agreement for funding in the amount of $30 million. The closing and initial draw of $10 million on this commitment is scheduled for July 1, 1999. The balance will be drawn, as needed, over the next 12 months.
The funding is secured with the mineable open pit ore reserves on the four Peoria Seven claims, plus 50 million common shares of Maxam Gold Corporation; 33 million shares pledged by Maxam, and 17 million shares pledged by a major shareholder.
The funds, in addition to immediate capital requirements, enables Maxam Gold Corporation to proceed with its construction plan for the 10,000 Tons per day mine/mill operation on the Peoria Seven site, and to conduct further exploration on the Peoria Seven and other properties.
The funds are committed to be re-paid from production over 10-years, commencing no later than May 1, 2002. Maxam also agrees to sell precious and noble metals from production to the funding organization over the 10-year period at a discount. Details of the agreement will be presented to shareholders when final signings and filings have been properly executed and filed.
Maxam board of directors is in process of fine tuning its business plan for production of metals recovery and will publish a new forecast when available.
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: 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, 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.
June 7, 1999 - Message of clarification
Maxam Web Page Release
Notes of Clarification:
1. Funding Agreement Press Release---May 12, 1999
2. Chain-of-Custody Preliminary Results---April 15, 1999
June 07, 1999
OTCBB SYMBOL: MXAM
East Peoria, Illinois….June 7, 1999
Maxam Gold Corporation has received inquiries to recent announcements relating to the above subjects. We clarify these announcements, as follows:
Funding Agreement
As announced in the May 12, 1999 Press Release, Maxam Gold Corporation has entered into an agreement for a $ 30-million funding program with an unnamed source.
To answer questions the company has the liberty to disclose, be guided by the following:
Funding is secured with mineable open-pit ore reserves on the four Peoria Seven claims, plus 50-million Maxam common shares (33-million pledged from Maxam and 17-million from a major shareholder). The stock is not at risk so long as the committed funds are repaid, "…from production over 10-years, commencing no later than May 1, 2002...".
The funding source is granted the right to purchase, at a 15% discount from market value at time of purchase, 100% of the gold production from the Peoria Seven mine.
The discount option includes all gold production from 10,000 tons-per-day operations for ten years, or 5,000,000 ounces of gold, whichever is greater.
The funding source is also granted the right to purchase one-half of the palladium and platinum production for 10-years from the Peoria Seven mine at a 15% discount from market value at time of purchase.
At this time the funding source remains anonymous and any additional contractual details remain undisclosed until such time as the transaction is complete, the closing has occurred, the initial funds received, and the funding source agrees to be named.
Chain-of-Custody
Maxam announced publicly on April 15, 1999 preliminary results from two holes of the ten hole Chain-of-Custody drill program. Since April 15, Maxam has worked with its consultants to determine reasons for the low reported gold values. Extensive analysis of the sample sizes and the lower percentage of ore in the different screen sizes was completed. Results indicated that much of the "fines" were lost when high air pressure was required to remove the larger size river rocks that were encountered. As previously announced, in the desert alluvial ores, much of the precious metals recovery will be contained in the "fines".
After consultation with the drilling company field supervisor and reviewing their extensive experience with the Becker Drill results when drilling desert alluvium deposits, management has authorized the drilling of the Chain-of-Custody area a second time, requiring use of sufficient water in the process with the Becker Drill to recover the "fines" that were lost during the first attempt. A more representative sample is anticipated.
The specific drilling date will be coordinated between the Chain-of-Custody supervisors (hydroGEOPHYSICS, Inc.) and the drilling company as soon as practical. To comply with Chain-of-Custody requirements, the actual drill date will not be announced in advance, and visitors to the site will not be allowed during the process.
Prospective joint venture partners minimally require evidence of a Chain-of-Custody completed report and/or corroboration in their laboratories. In certain instances a complete Ore Reserve Audit, plus a Feasibility Study is required. The current Maxam Gold Corporation Chain-of-Custody analysis pursuit is being continued to provide the Company with these options.
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, 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.
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maxamgold.com ( Below )
PRESS RELEASE
April 15, 1999
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Chain of Custody Drill Project
Preliminary Results
Indicate Significant Values
OTCBB SYMBOL: MXAM
East Peoria, Illinois…..April 15, 1999
Maxam Gold Corporation has received preliminary results from two of the ten-holes which constitute the Chain-of-Custody Drill program announced on February 17, 1999. In addition to Fire Assay, different procedures from an independent laboratory and Maxam's internal laboratory have observed several metals that are economically significant.
The results announced represent split samples from drill holes #3 and #5, which are 400 feet apart. Traditional analysis of the Peoria Seven ore body continually has indicated low gold values when Platinum Group Metals (PGMs) show significant presence, and high gold values when PGMs are not present.
The following results are from a multi-acid leach utilizing micro-wave generated heat and pressure. This procedure corroborates within 95% the results from the Maxam leach extraction process.
Results to Date: Total Gold Equivalent 0.15 Troy Ounces per Ton Head Ore
Metal Ounces/Ton Market Price Value per Ton of Head Ore
Gold 0.023 $ 285 $ 6.56
Silver 0.050 $5 $ .25
Platinum 0.035 $ 360 $12.60
Palladium 0.067 $ 370 $24.79
Rhodium 0.006
Iridium 0.016
Osmium 0.009
Total Gold Equivalent Value of 0.150 per Ton of Head Ore $44.20
Maxam management currently estimates the cost of mining, leaching, and recovery of gold, silver, platinum, and palladium at $18. Per Ton Head Ore cost. This estimate equates to a production cost of $120 per ounce of gold equivalent with today's reported grades.
Fire Assays of these samples have shown gold values of .001 to .003 ounces per Ton Head Ore. Testing by laboratories previously have indicated (and continue to indicate) that the presence of Rhodium and Iridium prevent an accurate Fire Assay. The laboratory that conducted these initial Fire Assays plans to adjust the flux formula for the presence of Rhodium and Iridium in future Fire Assays of Peoria Seven ore samples in an attempt to increase the accuracy of the Fire Assays.
Additional Chain-of-Custody split samples are being sent to other independent registered laboratories for corroboration.
The remaining results from Phase III of the Chain-of-Custody Drill Program by Registered Assayers will be reported when completed.
Additional information, including detailed assay results will be posted on the Maxam Web Site.
Safe Harbor Statement
This Press Release contains "Forward-Looking Statements" as defined under the Private Securities Litigation Reform Act of 1995. These statements may pose special risks and uncertainties, 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 of the company; and, the effects from economic factors, geological factors, operations factors, governmental regulations, as well as factors relied upon from independent sources that may either negatively or positively impact exploration or mining progress. Further, the Company can make no assurance regarding the special risks that may arise from reliance on the accuracy and current status of conclusions from these reports.
June 7, 1999 - Message of clarification
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Chucka-better than IPMs 0.05 OPT BD REPORT on that Black Friday. I wait for the new results. When? I have no clue but I am certain that new methods= newtest on the newtech. Brokenrecord just may make a record find! |
