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Gold/Mining/Energy : Naxos Resources (NAXOF)

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To: Tom Frederick who wrote (7910)	1/9/1998 8:02:00 AM
From: Henry Volquardsen	Read Replies (1) of 20681

Tom, 3 X 2 billion = 6 billion ounces At a cost of $150 per ton on the high side, that is $50 per ounce. $50 from $300 rough is $250 profit per ounce $250 X 6 billion = 1.5 Trillion $1.5 asset divided by 40 million shares is almost $4,000 per share. The market is not going to give you full value for those reserves. Once you get total reserves you have to determine what annual production will be and get an estimated mine life. You then have to spread those reserves out over the life and discount them back to the present. There will also be a further discount because of the added market risk while the reserves are still in the ground. Henry

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