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

To: Tim Hall who wrote (3162)	11/27/1997 12:18:00 PM
From: Bruce McGaughey	Read Replies (2) \| Respond to of 11603

Tim- This is all very intresting. It's something I've thought about a long time but was afraid to bring it up. There are a number of privately held companies attached to this whole scene out there in the desert. There's Phoenix and Omega. There's also Uranco. Uranco owns the Coyote Peak property south of IPM's property. Uranco is selling MXAM that property. I really don't mind all these side arrangements with private companies as long as the public companies make money, too, and the stock price rises. But, if all these guys are making money and the stockholders are losing money...that's when it hurts. And, yes, I'm aware that the Runyon's are the biggest shareholders in MXAM and I'm sure they're as disenchanted with the share price as the rest of us. Doyle, on the other hand, does not own that many shares of IPM. Could you outline Doyle's involvement in Omega ?? I'm not sure I understand how he's involved. ÿ BULLETIN BOARD SYMBOL: MXAM ÿ March 7, 1997 ÿ MAXAM ACQUIRES ADDITIONAL MINING PROPERTY NEW PROPERTY ADJACENT TO IPM BLACK ROCK (BRX) ÿ East Peoria, Illinois -- March 7, 1997. Maxam Gold Corporation (Maxam) announced today that it has signed a letter of intent with Uranco Mining LLC, (Uranco) to acquire 63 claims ( 10,080 acres ) from Uranco's Coyote Peak claim block. This acquisition, which lies in the northern portion of Uranco's Coyote Peak block, is adjacent to, and immediately south of International Precious Metals Corporation's (IPM) Black Rock Extended (BRX) property rights. Maxam has also obtained the right of First Refusal to Uranco's remaining 58 Claims, which compose 9,280 acres in the Southern one-half of the Coyote Peak Block. Specific Terms: 1. Maxam will provide Uranco with 630,000 shares of Maxam stock. (Restricted for the next two years). 2. Maxam will issues Warrants at $1.50 per share, to be exercised within five years. a. Total number of Warrants to be determined as one Warrant for each 10 ounces of Proven and/or Probable Gold, or Gold Equivalent from surface to 100 feet, in drilling depth. b. A maximum of 10,000,000 Warrants may be earned. 3. One percent ( 1% ) Royalty on net smelter returns from all production from the property. Other Terms - Uranco is to pay to have 60 exploratory holes drilled to 100-feet, through a Reverse Circulation mode, within six months after the agreement is signed. Assay and Leach Testing of the Drilling samples is financially a Maxam responsibility. Tests are to be completed within six months from drilling completion. INITIAL DRILL TEST RESULTS Four test holes have been auger drilled. The samples were taken one mile south of the IPM BRX-mine. In part, Hewlett Mineral Management, reports: "26,400,000 Tons of the 0.055 T.oz. Gold/Ton...Possible Ore Reserves are 1,452,000 Troy ounces GOLD..." The report further predicts "...IT IS CERTAIN THAT ADDITIONAL DRILLING WILL PROVE A CONSIDERABLY LARGER TONNAGE THAN DRILLED TO DATE..." Specific drill sample statistics will follow. Hewlett Mineral Management, Richard Hewlett, Principal reports Uranco Mining LLC on March 6, 1997 as follows "The drilling conducted one mile south of the IPM BRX-Mine, on your COYOTE PEAK claims using an auger-drill is summarized as follows: DRILL HOLE # 1 # 2 # 3 # 4 0 - 50' 0 - 50' 50 - 100' 0 - 50' 50 - 100' 0 - 50' 50 - 100' 0.034 T.oz.AU/Ton 0.056 T.oz.AU/Ton 0.114 T.oz.AU/Ton 0.052 T.oz.AU/Ton 0.028 T.oz.AU/Ton 0.048 T.oz.AU/Ton 0.018 T.oz.AU/Ton The drill-hole spacing was « mile and with a break-even Gold cut-off grade of 0.02 T.oz Au/Ton, the possible ore reserves are as follows: 26,400,000.00 Tons of 0.055 T.oz. GOLD/Ton The POSSIBLE ORE RESERVES ARE: 1,452,000.00 Troy Ounces GOLD. IT IS CERTAIN THAT ADDITONAL DRILLING WILL PROVE A CONSIDERABLY LARGER TONNAGE THAN DRILLED TO DATE..." One of the principal interest holders in Uranco Mining, is Dale L. Runyon Runyon also is Chairman and Chief Executive Officer for Maxam. Uranco Mining LLC is an Arizona Limited Liability Company. ÿ \| Home \| Press Releases \| Properties \|