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Gold/Mining/Energy : Naxos Resources (NAXOF)

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To: mark silvers who wrote (10267)	3/16/1998 3:55:00 PM
From: Larry Brubaker	Read Replies (1) of 20681

Comparing it to Maxam however is silly because maxam uses their own consultants to do COC. A major red flag if I ever saw one....... Mark: I wasn't comparing COC procedures. We are all well aware that Maxam has yet to report 3rd party COC, but has also announced 3rd party COC is underway. Whether Maxam has 3rd party COC is irrelevant to the comparison I was making, unless your position is that you must discount everything Maxam says regarding their ore body because they don't have 3rd party COC. The comparison has to do with the variability of Naxos' ore, which appears to be quite similar to the variability in Maxam's ore. If so, the bulk of Franklin Lake may consist of relatively low grades with some hot spots mixed in. That has implications on recovery methods (e.g. a recovery method that costs $100/ton may be just fine if you've got an average of 2-3 opt, but useless if your average grade is .1 opt). Maxam also has a magnetic survey of its property which has been accurate at finding hot spots, which Maxam intends to mine first in order to maximize initial cash flow. Such an approach may also be useful for Naxos.

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