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Gold/Mining/Energy : Naxos Resources (NAXOF)
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To: sh who wrote (8729)1/30/1998 4:04:00 AM
From: GlobalMarine   of 20681
 
OFF TOPIC SH: Hewitt calculates 3.8 million oz p/p reserves on their one sq. mile Peoria Seven property, and other 350,000 oz p/p reserves on the partially drilled adjacent Peoria South property. Drill depth was only about 50 feet. Take into account mineralization to 100 feet and some good hot spots grading up to an oz a ton and and drilling the rest of Peoria South and 10 million oz seems like a possible total at the end of the day for just the gold content.

Are far as what Maxam might be worth, if 10 million oz were capitalized at $30 an oz, with 54 million shares fully diluted, that works out to $5 a share, vs. $0.40 currently. They've over 100 sq. miles of other properties so there's good potential for capital appreciation, all in all.

Rand
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