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

To: GlobalMarine who wrote (5933)	10/8/1998 7:53:00 AM
From: Richard Mazzarella	Respond to of 11603

Rand, I asked the company that same question. They say they have no place to run large bulk samples. They won't do anything at Cimetta anymore and I'm guessing that the Peoria site has permitting issues still unresolved. I even volunteered my farm. Tim's comment about a reversal in the 5 acre rule may change that situation, I don't know. I think the real issue here is money, focus, and budget. <<investment bank from which Maxam wants to obtain $25 million>> I think the number is $4.6MM for Peoria and $5MM for Custom Milling based on the AGM tape. I would just be happy for Peoria mine completion at this time. I can also speculate that it's conservation of current funding why Maxam is concentrating on work that will bring the funding necessary for Peoria completion at the expense of large bulk testing. Are you positive that funding would be available if Maxam shows successful 500lb tests? Maxam is confident that their drill program working with the BLM will convince major investment. Runyon also told me that there are currently 2 other potential funding activities in the works. PS, I will always answer reasonable posts the best I can. Company or personal ridicule will always have me reply in kind. Since I'm not an insider there are technical issues which I don't have the answers. I'm comfortable with my Maxam investment based on the total of my current understanding. That may not be a comfort level for others, that's their problem. I expect others to also contribute to the information content of this thread. Asking questions is only one side of the information equation, answering some is the other.