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Gold/Mining/Energy : Naxos Resources (NAXOF)

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To: Nick Stefero who wrote (11470)	4/1/1998 7:37:00 PM
From: Kim W. Brasington	Read Replies (2) of 20681

Nick: The American system has one category with three levels of reserves - proven, probable and possible. All U.S. majors denominate their reserves in proven and probable. The Canadian system has two categories with several subdivisions. The beginning category is "resources" with the entry level being called "inferred". Geological conformity can raise the level of the same drill program to "indicated". The next subdivision in the resource category is "measured", which comes with tighter drilling. Once recovery is proven then the next category kicks in (reserves) with two subdivisions - "probable" then "proven". Final feasibility studies on a mine show the proven and probable reserves, or at least the beginning of them. Regards, Kim W.

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