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Gold/Mining/Energy : Naxos Resources (NAXOF)
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To: Bill Jackson who wrote (20605)7/31/2001 10:35:50 AM
From: Tom Frederick  Read Replies (1) of 20681
 
Bill, Which gets us to the whole point of recovery. What you said about a reputable company doing assay is absolutely correct. But no reputable company will work without COC material and Naxos doesn't have material that can be considered COC at this point which means more drilling, more money. No reputable lab would work on the current material and call it COC results even if they have sealed containers left from the last round of drilling.

So to get credibility they need to move directly to recovery. It doesn't matter who believes it if they can get 8 or 9 ounces of recovered metal per ton and just keep selling it to the refiner. Get the revenue going, prove the process works with actual results and THEN negotiate with a major name to test to start assesing the size of the deposit. The revenue from refinery sales pays for the drilling and assay. Then every day, every ton just keeps building credibility. At that point the assays will be believed by the whole market IF recovery is working and working at big numbers like the last tests implied.

Now, that is the BIG IF as it relates to Naxos. They absolutely need to get the pilot plant up and running and processing a few tons a day getting consistent results. Refinery receipts will tell the story. After a few hundred thousand in receipts even the most anti-Naxos investors will have to realize they don't have the money to salt at that level over an extended period of time.

But again, that is the best case scenario. I am not saying this WILL happen, I'm only saying this is the only scenario they have left since no one will believe assay's alone from Naxos.

Tom F.
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