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Gold/Mining/Energy : Naxos Resources (NAXOF)
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To: Jerry in Omaha who wrote (8559)1/26/1998 2:12:00 AM
From: GlobalMarine  Read Replies (1) of 20681
 
Jerald: Most gold mining investors (i.e. those who invest in hard rock mining stocks like Barrick and Homestake and who are unfamiliar with the desert dirt controversy) understand placer gold deposits to be particles of free gold in stream beds where the original source of the gold was from an eroded hard rock deposit. While one can divide placer deposits into two varieties - eluvial deposits (located close to the originating vein) and alluvial deposits (located further away from the originating vein) - people generally call free gold deposited by water erosion to be placer or alluvial for the sake of simplicity.

To casually characterize FL as an alluvial deposit may cause newcomers to misunderstand the nature of the gold on this property and accordingly a misunderstanding of the risks involved in investing in Naxos. So as a rule, I tell anyone who's interested in the Naxos story that FL contains complex-mineralized gold that cannot be extracted by traditional means and that this company is engaged in research to try and develop an economic recovery method but hasn't yet proven one out to Wall St. I don't bother telling people that some free gold may exist, because virtually the entire risk of the stock lies in whether the complex-mineralized gold can be extracted. As proof of this, if Naxos were to put out a press release stating that they are abandoning efforts to extract the complex-mineralized gold in favor of locating and extracting free gold only, the stock would trade under a dollar immediately, and the stock did trade under a dollar last year.

Regards,

Rand
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