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Gold/Mining/Energy : Naxos Resources (NAXOF)

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To: Millracer who wrote (9900)	3/13/1998 9:11:00 AM
From: mark silvers	Read Replies (1) of 20681

Mill There is one serious flaw in your calculations. The cost numbers that had previously been thrown around are $100/ton, not $100/oz. That is a large difference. The questions become, How much free gold is present? What are the true(not estimated) costs of recovery? How much improvement will refinements in the process bring? What kind of improvements will recovery numbers bring over assay numbers?And, where are the hot and cold spots on the property, and how prevalent are they? The answers to these questions will be mostly answered by the pilot plant(we had all assumed that the PP was the important milestone anyway)The rest will be answered by further assays and the upcoming report from the South Africans. The one thing to remember is that the prior certified numbers are no less valid then they were. Those are CERTIFIED numbers from LeDoux. They were done under COC. YOu unequivocally can NOT assay more metals than are present in the ore. you CAN assay less. Something to ponder on...... Mark

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