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

To: Char who wrote (8380)	5/16/1999 10:13:00 PM
From: Tim Hall	Read Replies (3) \| Respond to of 11603

Char, The 30 million is good but there is one important aspect that thread discussion have so far overlooked. Maxam has to proof the reserves and the mobile ion mapping method to the BLM or there isn't going to be any mine. It was this issue that set of this last round of COC drilling and testing. Was there any mention of this at the meeting. Tim

To: Char who wrote (8380)	5/17/1999 12:58:00 AM
From: Claude Cormier	Respond to of 11603

<<I'm sure there is a lot more to this deal than we are being told at this time. We have no way of knowing if MXAM has already provided all the proof they require or if more must be provided before they release the funds.>> I guess so. I will watch for further news. It is unfortunate that they maybe selling the farm without us knowing first if there is a farm to sell. Miners usually prove the stuff is in the ground...then do more studies to make sure they can mine it at a profit. Then go after the financing...and finally produce. MXAM estimates of $20M for a 10000 tpd operation make good sense..but operations of this size can also cost $60 millions. There are a lot of variables. So it would be nice if the numbers would be confirmed via a feasibility study..which includes a perfect knowledge of the resource, including the distribution of grades. Still, despite the unknowns..it is an interesting story that I am following.