Maxam Gold Corporation Announces Royalty Contract for Fly Ash Extraction Technology

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FOR IMMEDIATE RELEASE

Maxam Gold Corporation Announces Royalty Contract for Fly Ash Extraction Technology

ILLINOIS, EAST PEORIA, Jul. 29 -/E-Wire/-- Maxam Gold Corporation, President and CEO Dale L. Runyon, announced today that Maxam Resource Recovery, LLC, a Maxam wholly owned subsidiary (See February 14, 2002 press announcement), has signed an agreement with Fly Ash Processors, LLC to process fly ash at Fly Ash Processors proposed processing facilities using Maxam's Process Technology. Fly Ash Processors, LLC has assigned 25% ownership to Maxam Gold Corporation, plus 5% net profit royalty from fly ash production to Maxam Resource Recovery, LLC. Fly Ash Processors, LLC initially will operate in Illinois, but is researching additional fly ash production facilities for inclusion in the Maxam agreement.

Maxam announced in March, 2002 similar agreements with two other Coal Combustion Products (CCP) processors.

Maxam has tested ash samples from eighteen (18) coal fired electric generating plants, with samples from seven (7) additional plants in various test stages. Preliminary laboratory tests indicate that 79% to 98% of several metals in commercial quantities are removable using the Maxam process technology. Additional Analysis revealed that all environmentally detrimental elements were reduced to acceptable levels, leaving Fly Ash to meet EPA ground water quality standards. Utilization of the Maxam process, from results of these tests, allows processing facilities to provide Fly Ash contract marketers with greater quantities of more marketable products.

Present annual production of the CCP (Fly Ash) industry exceeds 100-million tons, of which only 25-million tons are marketed. Fly Ash is used as (1) a pozzolan to partially replace Portland cement in ready mixed concrete and concrete products; (2) an additive to Portland cement to produce a Portland pozzolan blended cement; (3) an additive in down hole cementing of oil wells; (4) a primary constituent in flowable grout to fill voids under concrete slabs and underground tank voids and the CCP industry has determined that greater quantities of Fly Ash could be marketed if detrimental elements were removed, or at least reduced.

Maxam encourages visitation of its Web site; http://www.MaxamGold.com to view recent press releases for additional information relative to use of Maxam Process Technology and its benefits relative to the Fly Ash industry.

FORWARD LOOKING STATEMENT

Statements contained herein, or elsewhere, are based on current expectations and are considered Forward Looking statements under the Private Securities Litigation Reform Act of 1995. Maxam management is optimistic about Maxam's long-range prospects, but actual results could differ materially. The following issued and uncertainties, and others, must be considered in evaluating growth outlook: changes in technology, investment cycles, prices of metal, cost of revenues, sales and marketing successes, competitive issues, litigation, environmental and other governmental changes and considerations, economic conditions, and company management's successes.

Maxam Gold Corporation

Dale Runyon, 309/699-8725,

E-mail: [REDACTED-EMAIL],

http://www.MaxamGold.com

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