Ledoux has never certified any samples that had proper COC and
resulted in encouraging numbers. From the July 23 PR,
"On August 30, 1996, a meeting was conducted with the ASE and an
agreement was reached whereby AMCL would supervise a drill hole at the
Franklin Lake Property, material collected sealed and then tested at
Ledoux and Company and a designated Canadian Lab. The drill hole was
completed on September 17, 1996, tested at Ledoux and Company and
published to the market. Testing at Ledoux and Company was supervised
by AMCL, Jack Stanley, an outside assay consultant employed by AMCL,
Paul Blumberg, technical director of Ledoux and Company and Fred
Arkoosh Jr, Chief Operating Officer of Naxos Resources Ltd. Jack
Stanley, after his analysis of Naxos' assay methodology, stated in the
presence of Paul Blumberg, Fred Arkoosh, Jr and several other
witnesses that "Naxos' assay methodology falls well within the
boundaries of a conventional fire assay." Despite this statement and
the positive results achieved at Ledoux and Company not only in the
month of October 1996, but throughout 1997, the ASE never acknowledged
nor approved Naxos' methodology.
The Settlement Agreement was executed on Friday, July 18, 1997. Naxos
submitted an application to the ASE to "voluntarily delist without
prejudice" and the ASE approved the application and withdrew all
allegations except the one as noted above. The $200,000,000 class
action suit against the ASE and several of its officers was
discontinued by Naxos.
Bloomberg News Services issued a news release late Friday, July 18th,
confirming the Settlement Agreement. In this news release, Tom Cumming
was quoted as saying the following, Naxos believes that his statement
represents the best and final comment pertaining to this unfortunate
misunderstanding:
"'It's really a disclosure issue' ASE Tom Cumming said, 'We're not questioning whether there's gold in that property.'""
a. Jack Stanley said "Naxos' assay methodology falls well within
the boundaries of a conventional fire assay." All he said is
that Naxos has a modified fire assay procedure. So what? IPMCF had
one too. Is it reliable?
b. The only objective of the Alberta Stock Exchange was to have Naxos
delisted asap. Naxos did not win anything.
c. Tom Cumming of the ASE was right when he said "'It's really a
disclosure issue'. 'We're not questioning whether there's gold in that
property.'". AMCL confirmed trace amounts (0.005) of gold at
Franklin Lakes. Did Tom Cumming ever say there was significant
amounts of gold?
When did AMCL signoff on COC that resulted in encouraging numbers?
AMCL signed off on a report that suggested sample tampering.
HL |
