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Gold/Mining/Energy : Naxos Resources (NAXOF)

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To: SER who wrote (8858)	2/6/1998 10:38:00 AM
From: mark silvers	of 20681

To All- IMO, there are three very interesting aspects to this last release 1. Permitting-- It appears that if final permitting goes as planned, Naxos will have a pilot plant operation that is capable(from a permittting standpoint) of processing 40 tpd based on 250 working days per year. That is actually a eight fold increase from what we were expecting, and should give us that much more of an idea about the scaleup capabilities of the Johnson process. 2. a viable back up plan-- Using some forethought, management has developed a very viable backup plan if anything should go wrong with the final permitting. With permits in hand for 1000lbs per day at DVJ, Naxos can still proceed with a pilot plant(albeit smaller) and continue its work to prove up the Franklin Lake property. If things go well for final permitting in Nevada, I assume they can use a smaller pilot plant to "tweek the process" while still proceeding full bore with the larger operation. I think this is a tremendous backup plan on the part of management. 3. Free gold-- It does appear that there is at least SOME presence of free gold at Franklin Lake. According to the release, this ore responds to fire assay,WITH NO PRE-TREATMENT.This is huge because it is far more conventional and is more readily accepted by the conventional mining industry. The question remains, how much free gold is present? I doubt that MDM wa lucky enough to trench in the only spot in the playa that contained free gold, so it is likely that there will be at least some presence of free gold in other locations at FL. Potentially, I think that could be the most important information to be contained in yesterday's release. Comments welcome! Mark

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