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

To: Larry Brubaker who wrote (3181)	11/29/1997 3:08:00 PM
From: Richard Mazzarella	Respond to of 11603

Larry, I have a gut feeling that Runyon expected IPM to be successful and that Maxam could afford the delay to bring the mining to a "higher level". That looks like a big mistake now. Production on just their gold would have gone a long way to support a higher stock price. As we calculated before, the fair value of MXAM should be $3-6. Now that Maxam has committed themselves to "environmental neutral" mining, we wait. In hindsight, I probably would have played it the same way. If IPM was successful, Maxam would be flying today.