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

To: Char who wrote (8357)	5/16/1999 7:02:00 AM
From: Richard Mazzarella	Read Replies (1) \| Respond to of 11603

Char, <<not dependent on the COC>> That's good news because I think that the sample collection methods of Becker drilling minimized the gold. What's nice is that even with that problem there are still enough other COC metals to show profit mining at Peoria. IMO the equivalent COC OPT reports are significantly understated. If I was doing due dilly to fund the mining, I would like to see 20lb recovery test results, not just stuff done in test tubes. <<money is coming from overseas>> That would normally scare the shit out of me if the funding was tied to a PP. <VBG> However, a JV for the production suggests another picture, a very positive one. I am speculating here, but from what Runyon has previously told me about it being easier to get funding for PGMs than gold plus some other observations, I think that the real JV interest is the PGMs. I have been watching Stillwater stock continue to appreciate way beyond P/E sensibility even after a stock split. We have also seen wild PGM pricing moves. There are rumors of Russia not being able to deliver the necessary Pd for emissions systems requirements. Putting that all together fuels my speculation on the PGM focus. Having gone through all this speculation mumbo jumbo, I still like the mining aspects of gold, it's simpler recovery technology that even I can understand and I like the color. <VBG> While PGM recovery is a concern for me I have to tell you what Runyon has previously told me (paraphrased), "our process recovers the PGMs as easily as gold". I still want to see recovery tests. I bet the funding source may too.

To: Char who wrote (8357)	5/16/1999 10:53:00 AM
From: Che	Read Replies (1) \| Respond to of 11603

Char <<<< I did learn that the funding is not dependent on the COC.>>>> THANKS for this very important information. I was worried that the funding announcement was merely a "loan application" which would be approved or disapproved at a later date. (Maybe upon review of the COC.) If the loan is not contingent on COC, then it appears to me that folks have "kicked the tires" enough, in terms of economic viability, to satisfy themselves that a $30 million investment in this company is worthwhile.