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Gold/Mining/Energy : Naxos Resources (NAXOF)
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To: Doug Meetmer who wrote (26)8/29/1996 1:10:00 AM
From: Eric Tai   of 20681
 
Hi Doug and everyone,
I am also a shareholder of Naxos and have followed this company
for about 2 years and I would like to add some of my thinking
about the company.

I agreed with your reply to Kurt. I just wanted to add
that the fire assaying was mainly done by Ray Steele of the Sierra Lab.According to Fred Arkoosh's weekly business report published
on 96/08/14, the problem occured when ASE appointed consultant
Associated Mining tried to duplicate Sierra Lab's high
temperature testing process, it did not have the complete procedure
to do it and relied on the info provided by Naxos and thus it
was unable to repeat the test.

Hopefully, when Associated re-drill a core sample, it would
use Sierra's exact procedure and able to redo the test.
Matt also mentioned that Naxos had sent some technicians to Sierra
and was able to learn and repeat Ray's procedure.

I also talked to Marty Biegel and he said that Arkoosh will
talk with ASE today (Wed. 96/08/28) and hopefully they will
agree on some reasonable time frame and procedure to redo
the assays.
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