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

To: Angelo who wrote (6793)	12/5/1998 11:31:00 PM
From: Richard Mazzarella	Respond to of 11603

Angelo, <<Could you please explain.>> Wild ass speculation extrapolation. Maxam has told me that they don't hold any property that can't be economically mined. Maxam has 8960 acres of property. Press release 06/04/98 show 5.7MM from 83MM total tons at Peoria Seven and South. This is from the surface to 100 ft. Assuming that desert dirt is 76lb/ft3, Peoria Seven and South have 159MM tons to 100ft. The press release only used 1/2 the ore. Also measurements taken of the ore to 500ft from the water well drilling show mineable metals to that depth, but lets ignore that for this calculation. The Peoria Seven and South is 10.7% of Maxam's holdings. Therefore 5.7MM x 2 x 9.3= 106MMoz. This extrapolation is only to 100ft. Do you want to multiply that number by 5? How about the other metals like PGMs and rare earths? See how easy it's easy to go nuts. However having done all this huffing and puffing on 100MMoz, even with 5.6MMoz we will be very rich shareholders. ((5.6MMoz x $30/oz) / 53MM shares = $3.17/share fair value, metal in the ground.)