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Gold/Mining/Energy : Naxos Resources (NAXOF)
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To: Kurt R. who wrote (7822)1/7/1998
From: Kim W. Brasington  Read Replies (3) of 20681
 
Kurt:

Greetings to you. I came in from work, and will attempt to answer the questions that you posed to me.

Before I do, I would like to emphasize several points/questions that in my mind are worthy of note.

1. Ledoux continues testing. The converse of that would be Ledoux ISN'T testing.

2. Others labs will soon be coming on line.

3. Do you or I have the same concept of thoroughness as Ledoux would demand?

4. Are we Ledoux's only customers?

Now, in answer to your questions:

I don't know all of the parameters of Ledoux's lengthy analysis of the Franklin Lake material. Thoroughness is no doubt a "must" for them to maintain their stock in trade - their reputation. The novelty of the Johnson/Lett process no doubt demands greater scrutiny than a few simple assays. Familiarity with the process is not the same as building up a base of data. It is a fact that labs are sometimes challenged. Run of the mill assays are rarely challenged - not so innovative processes.

Analysis of a process - particularly a new one demands that each step be looked and an explanation be advanced about what is going on. Ledoux was not asked to "copycat" the Johnson/Lett process, but to sift it finely.

Yes, you are correct Kurt - Naxos did ask Ledoux to give us an answer by today. I also added that an extension was possible with the consent of both parties to the agreement. I talked with management and they informed me that an extension has been agreed to by both parties. Naxos has paid Ledoux, and yes, they agreed to provide us with results.

Insofar as the other labs are concerned - they will be forthcoming soon. Suitable contracts have been negotiated with them. I personally am unaware of any Ledoux numbers that have not been reported.

Now - I would like to make some closure comments. Multiple labs are a decided positive in my mind and indicative of growing fundamental strength of this company. Labs routinely turn down companies that they don't want to work with - this is a fact of the mining community. You will rarely see junior precious metals companies that have COC and multiple labs. These steps are to provide a strong informational basis for the Johnson/Lett process that will allow us to give a preponderance of evidence to anyone that would be interested in investing in Naxos. R&D can be frustrating and it can run on a skewed timetable of its' own. What every investor needs to decide is if long delays and overriden deadlines are worth the potential reward that could possibly be derived from sticking with it.

As you know "mein freund" there can be a bit of "angst" inherit in R&D companies :o)

Best Wishes Kurt;

Kim W.




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