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

To: GlobalMarine who wrote (5682)	9/15/1998 11:22:00 PM
From: Richard Mazzarella	Read Replies (1) \| Respond to of 11603

Rand, the company has no choice, but COC fire assay. They must drill and COC fire assay to prove an audited bankable resource for funding and also to convince the BLM. I speculate that even if the BLM would accept the new mapping technology, funding sources won't. I posted before that the recovery test was just to corroborate metals recovered against mapping forecasts. Now they can get to drilling. I also speculate that we will see more recovery testing at the same time. There are also the other precious metals besides Au and Ag that will be recovered that need to be tested.

To: GlobalMarine who wrote (5682)	9/15/1998 11:25:00 PM
From: Larry Brubaker	Read Replies (1) \| Respond to of 11603

<<For the company to build and then set aside a 10-ton leach plant after just one leach test sounds very unusual.>> Rand: That is what convinced me to sell. First the production for April falls through due to lack of financing (understandable). Then the fall-back is to build a 10 tpd pilot plant to prove the recovery process (seems like a good fall-back to me). Then we get no word of the results of the leach test from the pilot plant, we are told something about not getting an air quality permit, and are told Maxam didn't allocate funds to "upgrade" the recently completed plant, suggesting the plant is no longer in their plans (not understandable at all). The explanation of the pilot plant fiasco, IMO, would do the Clinton defense team proud. "Unusual" is putting it mildly. I just wish these companies would tell the real story. On the bright side, all of this negativism certainly is built into the stock price. If this company can ever get its act together, those who buy here will probably be well-rewarded. Won't be me, however.