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To: Mr Metals who wrote (14889)	11/22/1999 11:48:00 AM
From: Jim Bishop	Respond to of 150070

EAST PEORIA, Ill., Nov 22, 1999 (BUSINESS WIRE) -- Maxam Gold Corporation (OTC BB:MXAM) Chairman Dale L. Runyon announced earlier today that Maxam and Pantel Communications, Inc. President, Eugene M. Chase have executed a Letter-of-Agreement providing Maxam Gold Corporation the opportunity to acquire 100% ownership of 12-year old Pantel Communications, Inc. Pantel Communications, Inc. is a privately held telecommunications company specializing in the field of pre-paid telephone services, long distance, toll free, calling card, and other innovative software switching applications. Pantel's services utilize a national state-of-art digital fiber optic network from its Los Angeles, California switching facilities. Pantel has licenses and/or tariffs to conduct business in 46 states, with offices in San Jose and Los Angeles, California; Elgin, and Chicago, Illinois; and Miami, Florida. Pantel's future growth is planned through its extensive network and product expansion business plan(s). The Letter-of-Agreement provides for Maxam to conduct due diligence activities on Pantel's confidential data and financial records, utilize industry consultants to study systems and prospective success, and anticipates completion of the acquisition by February 1. This acquisition assists Maxam with ongoing efforts to increase its asset base, allow for a diversification of business, and, to aid in Maxam meeting SEC terms to qualify for NASDAQ listing. Maxam and Pantel have initially agreed to terms of the acquisition to include the issuance of special classes of Maxam stock, eliminating any serious dilution of Maxam common shares. 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. All 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; profitability of certain acquisitions; 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 or predictions will ultimately prove to be accurate. Copyright (C) 1999 Business Wire. All rights reserved. Distributed via COMTEX. -0- CONTACT: Maxam Gold Corporation Dale Runyon, 309/699-8725 Fax: 309/699-1275 or Al Hubbard, 214/999-6066 Fax: 214/999-6721 WEB PAGE: www.maxamgold.comhttp://www.businesswire.com