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Gold/Mining/Energy : Naxos Resources (NAXOF)

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To: GlobalMarine who wrote (8748)	1/31/1998 1:24:00 AM
From: Larry Brubaker	Read Replies (1) of 20681

Rand: I think to speculate that there are 3 ounces per ton over 100s of millions of tons of ore is pretty far-fetched. It would be interesting to see a number denoting all of the gold and platinum that has produced in the world in mining history, and compare it with these speculations about how much ore is sitting at Franklin Lake. As we learn about these desert deposits, we are finding out that they are not beds of homogenous amounts of ore. That is definitely the case at Maxam, appears to be the case at IPM, and this new information about alluvial ore at Naxos suggests it may be the case here as well. While its fun to extrapolate based on the results of one partial drill hole, projecting a $25 billion market cap for Naxos is a little premature, IMO. We could take the one Maxam assay of 2.5 opt and project it over their 72,000 acres and come up with mind-boggling numbers as well. Trouble is, we know we would be wrong because we know they don't have a homogenous deposit of 2.5 opt. I'm not sure why we think there is a homogenous deposit of 3 opt over 100s of millions of tons here.

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