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Gold/Mining/Energy : Naxos Resources (NAXOF)
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To: Doug Meetmer who wrote (4377)10/6/1997 11:09:00 PM
From: Jan A. Van Hummel   of 20681
 
Doug,

Since this is just for fun I want you to know that I disagree with your
valuation.

If I understand the situation correctly, than if the results prove as
good as the SRK hole than two issues have been resolved: 1) the presence
of gold, and 2) the ability to recover that gold.

This would leave then three issues to be resolved. Can the recovery process
be replicated on an industrial scale, can it be done economically, and what
is the size of the deposit. By economical I mean a cost that is somewhere
the industry mean or lower.

I think with good results based on COC samples and done by Ledoux I believe
that Naxos will be given some benefit of the doubt and the share price
is likely to easily break through the $10 level, since the risk has been
sharply reduced from where we are currently.

It would be my guess that any positive news would immediately attract the
attention of the big mining companies. If they are satisfied that the
methodology employed works for these kind of deposits it will be largely
a matter of determining the size of the field.

I would not be surprised then if a major would make a very attractive bid
contigent on the determination of the size of the field with markups/markdowns
based on the actual findings.

We may be in for a wild ride, and then, since we are just making some fun,
we may be soon starting a career in can recycling.

Jan A. Van Hummel
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