Maxam Gold Corporation (MXAM) Announces Entry Into "Fly Ash" (Electric Power) Industry, a New Subsidiary, Maxam Resource Recovery, LLC, and a New President/CEO

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Maxam Gold Corporation (MXAM) Announces Entry Into "Fly Ash" (Electric Power) Industry, a New Subsidiary, Maxam Resource Recovery, LLC, and a New President/CEO

EAST PEORIA, ILLINOIS, Feb. 14 -/E-Wire/-- Maxam Gold Corporation (MXAM) announces entry into

Electric Power Generating Plants produce "Fly Ash" as a by-product of burning Coal in the generation of electricity. Some "Fly Ashes" contain toxic elements which are sometimes referred to as the "Dirty Dozen". As stated in prior Maxam Press Releases many of the "Dirty Dozen" elements that are present in "Fly Ash" can be isolated with Maxam Process Technology. Removal of these elements results in a usable and marketable form of "fly ash". Maxam has examined "fly ash" from 15 coal fired electric power plants and has determined that it has a process to remove several metals having substantial economic value as well as removal of the "Dirty Dozen" elements. For details, see below.

Maxam Resource Recovery, LLC

Maxam has recently organized a separate, wholly owned subsidiary, Maxam Resource Recovery, LLC, to utilize specific Maxam process technology required for "Fly Ash" processing, cleansing, and benefaction. For details, see below.

Maxam Gold Corporation New President/CEO

Dale L. Runyon has been elected by the Board of Directors of Maxam GoldCorporation to the position of Chairman/President/Chief Executive Officer. Runyon succeeds John Yellich, former President, who resigned the position of President and Director, effective November 30, 2001. Runyon possesses intimate knowledge with all factors, processes, and ventures of Maxam Gold Corporation, having served as Chairman since 1987.

Last year, Maxam announced its intent to expand business interests into other areas and become less reliant solely on precious metals for its overall business successes. Further, the announcement named Maxam's "wholistic" approach for treating waste materials to make the environment more safe and utilize by-products of waste material further. During the past year Maxam has analyzed "Fly Ash" deposits from 15 separate coal fired electric generating plants, and has been determined that Maxam's process technology is capable to upgrade Coal Combustion By-Products (CCPS), commonly known as "Fly Ash".

Presently, annual production of CCPS exceeds100-million tons, of which only 25-million tons is marketed in the United States. 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 downhole cementing of oil wells; (4) a primary constituent in flowable grout to fill voids under concrete slabs and underground tank voids and the CCPS industry has determined that greater quantities of Fly Ash could be marketed if detrimental elements were removed, or at least reduced.

Preliminary laboratory tests indicate that between 79% and 98% of several metals in commercial quantities are removable through use of the Maxam process technology. Analyses from 13 of the 15 electric generating plants reflected that all 12 of the environmentally detrimental elements were reduced to acceptable levels, leaving the 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 product.

Maxam Resource Recovery, LLC

To provide specific concentration on the business of extraction and recovery of several metals in commercial quantities from the Fly Ash produced at coal fired power generating plants, Maxam established Maxam Resource Recovery, LLC, which when practical will establish a separate operating entity at each power generating plant contracted for the benefaction of Fly Ash. It is intended that this decision will result in additional profit margins for power generating plants, contract Fly Ash marketers, and of course Maxam Resource Recovery, LLC.

FORWARD LOOKING STATEMENT Statements contained herein, or elsewhere, are based on current expectations and are considered Forward Looking. Maxam management is optimistic about Maxam's long-range prospects, but actual results could differ materially. The following issues 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 issues, and other governmental changes and considerations.

Maxam Gold Corporation

Dale Runyon, CEO, (309) 699-8725, Fax (309) 699-1275

http://www.maxamgold.com

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