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Gold/Mining/Energy : Naxos Resources (NAXOF)
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To: mark silvers who wrote (4393)10/7/1997 11:15:00 AM
From: Jan A. Van Hummel   of 20681
 
Mark,

If I say cost of recovery I mean the cost per ounce of gold or gold
equivalent.

The deposit may be very rich in PMs (or gold equivalents), but the cost of
recovery, i.e., per ounce of gold or gold equivalent must be near the
industry average or lower.

E.g., if they find 10 opt, but it costs $500 per ounce of gold or gold
equivalent to recover it won't do us any good. Admittedly, this may
be a little extreme but we are dealing with a recovery process that
has not been tested on an industrial scale.

On the other hand, I would argue though that perhaps a less efficient recovery
method (i.e., leaving more PMs in the residue to be discarded) may bring the
cost down to economical levels.

Anyhow, this is how I see it. Time will tell.

Jan A. Van Hummel
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