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

To: Paunch who wrote (8548)	5/29/1999 1:05:00 PM
From: Alan Vennix	Read Replies (1) \| Respond to of 11603

DESERT DIRT INDEX VALUES AS OF MAY 28, 1999: NOTE 1: For the year of 1999 through May 28, MGAU's stock price is up by 317%, MXAM is up 207%, CHIP is + 32%, GPGI is +18% and NAXOF is -31%. For the second quarter of 1999 through May 28, GPGI, MGAU and MXAM were relatively unchanged (less than 10% for the quarter), while CHIP was up 43% and NAXOF was down by 42%. During the month of May, CHIP's stock price increased by 56%, MXAM's by 44% and GPGI's by 21%, while MGAU's stock price decreased by 16% and NAXOF's by 48%. A basket of the five stocks is up approximately 100% on the year, depending on the particular indice. (Keep in mind, of course, the disastrous year 1998 and that this assumes a fresh investment on Jan 1, 1999 without accounting for the 1998 losses.) NOTE 2: While it can be argued that CHIP should no longer be included in the indices since it has effectively exited the desert mining business, they account for such a small part of the indices (a change of 25% in CHIP's stock price changes the indices by less than 2%), it is not worth the effort of removing them at this time. NOTE 3: DD NEWS - GPGI announced May 10 that they had shipped a 2 kg anode slime sample to Sabin Metals Corp on April 29, and that they were increasing their work schedule to 15 shifts/wk for production of the anode slime while continuing to work on a leach/precipitation process. In a May 24 PR, they announced that Sabin had recovered in excess of 3 oz of precious metals from the 2 kg of slime with a calculated value of $600,000 per ton of anode slime. Also, production increases were continuing with the goal of shipping 1000 pounds of anode slime to Sabin (no target date announced for shipment) and that pilot testing of the leach process was beginning. MGAU reported on May 10 that they had completed the purchase of the Johnson/Lett technology for 13MM shares of common stock (bringing the total outstanding shares of stock to nearly 28MM). Based on the previously reported recovery of 1.41 oz gold/ton of Sinagua ore, calculated recovery costs for the gold varied from $210/oz at the current rate of 5 T/D, down to $100/oz for the June 30 target rate of 100 T/D and $70/oz at 1000 T/D (targeted for early in the year 2000). On May 28 the company announced that it was extending the exercise date for the approximately 750,000 outstanding warrants ($2 exercise price) from June 1, 1999 to August 1, 1999. MXAM announced on May 12 that they had secured funding of $30MM with closing and initial draw of $10MM scheduled for July 1, 1999. Funds will be used for construction of a 10,000 T/D mine/mill at Peoria 7 and further exploration at Peoria 7 and other properties. NAXOF announced on May 3 the results of their April 30 AGM where 8 directors were elected, including 4 from the dissident group led by Fr. Ofiesh, although in a subsequent May 27 release they said they had received a copy of a petition from Fr. Ofiesh asking the court to overturn the election and install 8 directors from his group. Additional information on the DDI can be obtained at: techstocks.com Alan