November 29, 2010
A Statement from Charles Langrill, President for Maxam Gold Corporation.
Maxam Gold Corporation, a Nevada corporation, is publicly traded under the symbol MXAM on OTC Markets, Pink Sheets. I was appointed Director and President in September, 2010.
Maxam has owned 2000 acres of mining claims in Arizona for more than a decade. The previous management group made an attempt to develop the claims, as well as a proprietary gold extraction process, that would be more conducive to it's particular deposit. Further development was hindered by weak gold prices through mid 2006.
Since 2006, the company's corporate status, stock transfer agent, and the mining claims themselves, have been maintained, and are current to this point. The trading status of MXAM is being updated, with the SEC, FINRA and OTC Markets. MXAM has been trading under a penny for the past 2 years, with a closing price of $0.0025 on Friday, November 26, 2010.
The priorities, of the new management group, is to first bring Maxam's trading status to a place that is more acceptable to traders and market makers. Maxam will then look to acquire smaller, more realistic business entities, that have longevity, and certifiable income. Our main parameters are businesses that gross over $1 million annually, with a reasonable net. It is our goal to secure three to five such businesses in 2011. With this net cash flow, Maxam will be able to maintain day to day operations, as well as keep filings, audits and fees paid to maintain, and possibly upgrade it's trading status to a full reporting company, if market conditions, and it's ever changing rules, deem it prudent to do so.
Maxam's gold mining claims, will be researched by the new management team as to it's commercial viability. We have not yet begun work on researching the deposit, and it's feasibility at this time. Since taking control of the company in September, 2010, our focus has been directed at bringing the public entity current. It is our intent to investigate different possibilities, for the mining claim's future development, or even possible sale.
In getting Maxam's tradability back to a realistic level, we can then begin working on building our cash flow base, to make Maxam self sufficient, without having to sell stock through the market to keep the company above water. Lack of immediate cash flow is the demise of most penny stock companies. The current economic climate is not conducive to depend on raising funds consistently, to grow the company through the sale of stock.
We look forward to paving this new road ahead.
Charles Langrill
President, Maxam Gold Corporation
