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Gold/Mining/Energy : Naxos Resources (NAXOF)
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To: Kim W. Brasington who wrote (11479)4/2/1998 7:41:00 PM
From: E. Charters   of 20681
 
Reserves in Canada are proven, probable, and indicated or sometimes
called possible. They all can be used to make valuations at different
numbers of profit cents on the dollar. Proven are worth 50 cents on the profit dollar that may be assumed. If there are substantial proven then probable are allowed to be included and are worth a bit less, perhaps 15 cents. Indicated are worth still less and only if there are substantial amounts of the previous two categories. These valuations are used to estimate the property's worth for purposes of sale or option by exchange rules.

This is from an engineer whose reports are used as models for engineering reports by the VSE.

The resource category is, I believe relatively new. It has to be estimated from geological information and sampling of different types. It can be inferred from data collected from adjacent deposits and even geochemical signatures, if there is a history to the data's reliability.

EC<:-}
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