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Gold/Mining/Energy : Naxos Resources (NAXOF)

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To: Anne Lamb who wrote (7699)	12/30/1997 5:32:00 PM
From: Henry Volquardsen	Read Replies (1) of 20681

Anne, I think Mike is speaking broadly as he doesn't have specific knowledge of Franklin Lake and is just answering questions posed to him. His comment about depth came after someone (I beleive it was Mr Schwertley) asked him to comment on the Struther article. That was the one in which it was said the water table was 15 feet down and that Naxos wouldn't be able to go lower because the site would be flooded. Mike's answer to that question was that Struther's was wrong. That dredging technology exists that would allow you to go down at least a few hundred feet. He even mentioned the price of 5,000 to 10,000 ton dredgers (sounds like a hell of a piece of machinary). His comment about the dredgers let him to speculate a little bit. He looked at Naxos's most recent report and saw readings from 135' to 355'. Since there were no readins from the surface he made the assumption that nearer the service recovery values were lower. Based on that he said that there might be some degradation of results as the dredging process mixed material from lower levels with the less valuable surface material. I believe he is making a faulty assumption here as the previous numbers show good recovery from the surface and that the deposit is homogenous for several hundred feet. So the mixing of the deposit shouldn't be a problem. But most importantly he does counter ron Struther's arguement about water being a problem. In a seperate post he was asked about the J/L requirement to grind the deposit to 1000 mesh. He commented that he had encountered difficulty in grinding material to as low as 300 mesh and that was unaware of commercial equipment that could economically grind to 1000 mesh. I followed up on this with the company and was told that the high speed attriters could in fact do this. I posted this to Mike and am awaiting his response. BTW a lot of what Mike says goes over my head as well. I just keep after it and ask questions and would be happy to share the answers I get. Henry

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