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Gold/Mining/Energy : Naxos Resources (NAXOF)

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To: knight who wrote (9916)	3/13/1998 10:46:00 AM
From: Henry Volquardsen	of 20681

Agreed on absolutely all points. We cannot estimate reserves based on two holes which is why the 200 hole drilling program will be important. Also we have enough evidence, imho, to indicate that the playa is not homogenous. The bad news from that is that we will not realize the sugarplum fantasies of 3 billion tons of ore with 3 ounces of gold and 5 ounces of platinum per ton. That was never realistic. The good news is that if the playa is not homogenous we will find higher concentration zones that can be successfully mined without having to process the entire playa. There were non-asteriked numbers in yesterday's release that were above .2 opt that may be viable. But I absolutely agree that Naxos still has a lot of work ahead of it.

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