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

To: Richard Mazzarella who wrote (3221)	12/1/1997 4:10:00 PM
From: GlobalMarine	Read Replies (1) \| Respond to of 11603

Richard: I called up Maxam again: 1) In 1996, the company couldn't mechanically concentrate the ore to a sufficient degree to make it profitable to ship and process off-site. I didn't ask if the reason was that the transport costs were too high and/or that the recovery process itself was too costly and/or some other reason. 2) The 1996 recovery method and 1998 recovery method are different. The 1996 method was basically targeting gold only; the 1998 method will target many metals. The 1996 recovery method would have worked if the ore had been mechanically concentrated enough.

To: Richard Mazzarella who wrote (3221)	12/1/1997 4:31:00 PM
From: O. H. Rundell	Read Replies (1) \| Respond to of 11603

Richard, My understanding is that after concentration by screening, the Knelson concentrator didn't work well -- about as much went into the tailings as was concentrated by the Knelson. So now they're going to screen, and grind, and leach. Don't think this is a big deal. But then, this isn't my area. O. H.

To: Richard Mazzarella who wrote (3221)	12/1/1997 5:48:00 PM
From: Lee Bush	Read Replies (1) \| Respond to of 11603

Richard and all: Hope you had a nice Thanksgiving. I was out of town for a week, so just getting back on-line. If you recall, Richard, the goodies in MAXAM dirt are very small and tied to the feldspars. You can't handle this like any old placer gold deposit. The Nelson concentrator did not work because the stuff is too light to be centrifuged. Because of the volume of low-content ore, they have to work on-site. I see nothing unusual in their decisions. The process still has to be developed, but hopefully, they can produce a good number of metals with a clean effluent. MXAM is taking a middle-of-the-road approach, with IPM at one extreme and GPGI at the other. They are proving up reserves, but also looking to start production and expand once cash flow is achieved. This analysis of paleo-deposition patterns is very interesting. If you recall, the materials presented at the AGM showed that the general source of minerals was to the southeast. If they can identify these ancient placer deposits at relatively shallow depth, and screen the materials to raise the concentration of minerals, we could see some very nice results in my opinion. Lee