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Gold/Mining/Energy : Naxos Resources (NAXOF)

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To: Larry Brubaker who wrote (8281)	1/18/1998 6:51:00 PM
From: mark silvers	Read Replies (1) of 20681

Larry, <<Obviously different investors have different risl tolerances. As long as you are comfortable woth yours, knowing that you can't DD a black box, I say good luck to you>> You are absolutely correct in saying that you can't DD a black box. What you can do with some measure of cetainty is measure the effects of the black box. If you have COC ore(which we do) and certificaton of results using the black box(which we do) you then can measure the effects of that methodolgy on that particular ore as it pertains to what kinds of grades it will show. The pilot plant and the subsequent production assay will be able to measure the output and ecoomic viability of that said black box methodology. So the question becomes, what is more important, knowing the actual theories of the methodolgy, or being able to measure it's results? Comments welcome. Mark

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