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

To: Tim Hall who wrote (5214)	8/11/1998 9:31:00 PM
From: Richard Mazzarella	Respond to of 11603

Tim, you were the one that pointed out that mining wouldn't be conducted at Peoria until the BLM issued a mining permit and that wouldn't occur until Maxam provided an acceptable resource audit. The audit will be a resource audit that's bankable so that appropriate funding to finish the mine can be raised. If that becomes time critical for near term progress the company said that they will concentrate ore from the Peoria property (if economic) and recover metals off site. <<I believe they are one year behind on minimal production promises>> I speculate that's because the IPM purchase of BRX failed to provide the funding that was expected. It will now take longer, bankable audit, conventional funding, etc. That's the reason for the preferred shares dividend. Haven't we been through this before?