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Gold/Mining/Energy : Naxos Resources (NAXOF)

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To: Millracer who wrote (9900)	3/13/1998 10:37:00 AM
From: knight	Read Replies (3) of 20681

Millracer, I can't see how we can estimate reserves and share value based on assays from 2 holes, 1 mile apart. The fact that the playa is not the same throughout should be evident by the numbers issued yesterday and those released on Jan 12/98. If there is this much difference, we cannot assume there is 1 to 3 billion tons grading x ounces of gold per ton throughout the entire playa. Much more infill drilling is required before reserves can be established. Results from the pilot plant are also required from a much larger operation than the 1000 lb./day now being proposed. I'm not trying to rain on anyones parade, but Naxos has a lot of work ahead before being recognized by the mainstream mining community and the resulting financial rewards thereof. Just MHO.

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