Anne, I feel like I can call you Anne now that we are jousting, I think you have demonstrated my attitude about the Naxos shareholder. Naxos definitely IS experimenting with testing methods and some results come out higher and some lower just by playing with the variable of the phases of preparation and assay. It would take only a week or two (which has been committed to by some of the test labs) when the method of testing and preperation are finite and selected. The test or check labs have this advantage and I believe you will indeed see one or two week turns on all testing from those sites.
Now in retrospect, we see that Ledoux was getting multiple ounce results which would surprise anyone in that business and that with a method of assay not typically seen or used in the U.S.. In that situation you could understand why they wanted to test and retest before they announced any final numbers.
Like I have already said, we all have every right to be anxious and frustrated, but Naxos is not just another mine coming on line. If the numbers prove up even at 1.7 opt, and the deposit size is around the 2 billion tons previously reported, that would mean an estimated reserve of 3.4 BILLION ounces of gold. Knowing that AngloGold considers reserves of 140 Million ounces "massive", this would be incredible news indeed.
No one is going to take this testing lightly and no one is going to rush to judgment with news like that. We are continuing to make forward progress on testing and that is the first thing that needs to be put to bed. Controlling the stock price is not a priority in my opinion, for Naxos management. Proving the property is.
I know that won't make a dip to $4.75 any easier to see, but it only matters if you decide to sell. If you wait, there will be more test results coming up and if they prove equal to previous tests, you will be able to enjoy riding the wave to the top again.
By the way you can trade this stock if you want to. For example, if you sold say 3,000 shares a little while back @ $6.50 and bought it back today at $5.25, you would have gotten back 3,714 shares. Not bad for a stock you can't trade. But you do need a whole lotta guts and the good fortune not to sell just before another great release!
Good luck, I wish you well on this Naxos journey.
Tom F. |
