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Gold/Mining/Energy : Naxos Resources (NAXOF)
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To: Henry Volquardsen who wrote (8118)1/14/1998 3:56:00 PM
From: Larry Brubaker  Read Replies (1) of 20681
 
Henry: I could quibble with several of your assumptions like using a 6% disount rate, which is a rate that would normally used to discount a risk free investment.

But probably the most questionable assumption you make is assuming a homogenous 3opt on a billion tons of ore. The more we learn about the desert dirts, the more we find that the deposits are not homogenous.

Maxam has reported assays from less than .05 opt to over 1 opt. There is speculation that there is considerable variation in IPMCF's ore (although several months ago everybody was assuming it was homogenous).

It seems to be quite a stretch to assume a homogenous 1 billion ton ore body based on a 20 foot sample from 1 drill hole.
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