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Gold/Mining/Energy : Naxos Resources (NAXOF)
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To: Lawrence Brierley who wrote (7203)12/13/1997 1:51:00 PM
From: Larry Brubaker  Read Replies (1) of 20681
 
Lawrence: The lack of reaction to Naxos' PR may also be due to the fact the the credibility of the desert dirt companies is at a new low.

Delgratia was proven to be a scam. IPM lied to their shareholders about high assay and recovery numbers. GPGI continues to fail to live up to its promises. CHIP continues to not say anything pertinent. Maxam makes bigger and bigger promises but fails to live up to its biggest promise.

Naxos investors seem to be less aware of the trials and tribulations of the other dirts than followers of the other companies. But, IMO, the problems with the other dirts may also be reflecting on Naxos' credibility.

One other thing, after IPM's tumble and the hits taken by the other dirts, Naxos' market cap at ~$210 million is by far the largest of the dirts. IPM and GPGI are both around $25 million, Maxam at about $18 million, and Chip ~$8 million. I would suggest that $210 million is a pretty generous market cap for Naxos in relation to the other dirts. I would also suggest that now that Naxos is the clear dirt market cap leader, it will become the prime target for the shorts among the dirts.

Yes, Naxos now has evidence of very rich ore, but we have no idea whether that ore can be recovered economically in bulk. GPGI also has very rich ore (albeit not proven through COC) and is even producing small amounts of semi-refined material, for which they should be paid next week. However, they have yet to be able to scale up recovery from their ore after years of promises.
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