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

To: paunch13 who wrote (9763)	1/9/2003 12:12:47 PM
From: Richard Mazzarella	Read Replies (1) \| Respond to of 11603

Maxam press release: MAXAM GOLD CORPORATION PRESS RELEASE For Immediate Release Trading Symbol: MXAM East Peoria, Illinois….January 9, 2002 Fly Ash Pilot Plant Phase 1 to Commence Today, Maxam Gold Corporation Chairman/CEO, Dale L. Runyon announced agreement in principle with the Electric Power Research Institute (EPRI), Palo Alto, California providing joint funding to evaluate the feasibility of extracting trace metals using the Maxam proprietary process for a utility burning an Eastern bituminous coal. Coal ash is known to contain many minor trace metals of relatively high commercial value, but extraction of the metals from these "lean ore bodies" previously has not been economically possible. Through a joint Collaboration Agreement with a coal-fired electric utility company arranged by EPRI, Maxam is now in a position to immediately commence engineering research provided by METCON Research, Inc. (subsidiary of K.D.Engineering Co., Inc, Tucson, AZ). EPRI and its member utility are providing METCON Research, Inc. funding to evaluate the Maxam process using bench-scale testing. If this independent assessment of the Maxam extraction process shows economic promise with the ashes provided by the participating utility, this could lead to the development of a pilot plant design. *EPRI was established in 1973 as a center for public interest energy and environmental research. EPRI's collaborative science and technology development program now spans nearly every area of power generation, delivery and use. More than 1,000 energy organizations and public institutions in 40 countries draw on EPRI's global network of technical and business expertise. Visit the EPRI website at www.epri.com. The Maxam Pilot Plant design involves four phases: Phase 1 involves bench scale test work for the recovery of certain elements of specific economic interest as well as production of a safe fly-ash residue suitable for urban landfill. Phase 1 is estimated for completion in a maximum of 90-days from commencement, Phase 2 will entail continuous testing to provide the basis for design of a small scale continuous leaching system. Among the numerous steps in this phase will include; semi-continuous leaching; metal recovery studies; final products refining; and, recycle streams evaluation. Phase 3 will provide Maxam with the final design of a Pilot Plant. Phase 4 involves completion of a 2-ton per hour Pilot Plant. METCON and K. D. Engineering have agreed to design a safe and operator friendly installation that can be maintained efficiently. From the successful output of the 2-ton per hour Pilot Plant, a Feasibility Study can be produced which will be utilized to develop funding through joint ventures and other financial resources to build a 500-ton per day modular Fly Ash processing facility. Runyon stated, "…Maxam Gold Corporation for the past two-years has sought business ventures outside the precious metals industry for utilization of its proprietary leach technology in other applications. The success of this opportunity will provide a cleaner environment and through marketable elements captured from the leaching process provide utility companies with an additional profit center…" Safe Harbor Statement This news release contains forward-looking statements that involve risks and uncertainties, as well as assumptions that, if they never materialize or prove incorrect, could cause the results of MAXAM, its subsidiaries, its suppliers, and its clients to differ materially from those expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking, including any projections of earnings, revenues, or other financial items; any statements of the plans, strategies, and objectives of management for future operations; and statements concerning proposed new products, services, or developments; any statements regarding future economic conditions or performance; statements of belief and any statement of assumptions underlying any of the foregoing. These risks mentioned include, but are not limited to: the ability to motivate key employees; timely development, production and acceptance of products and services; efficiently managing asset levels; successful flow of products and services into distribution channels; maintaining expense factors in acceptable levels with revenues and/or funding growth; and other risks that time to time may occur. Contact Information Dale L. Runyon, Chairman/CEO (309) 699-8725; Fax (309) 699-1275 Web site: www.MaxamGold.com Email Address: MaxamGold@aol.com Dale L. Runyon CEO