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Gold/Mining/Energy : Naxos Resources (NAXOF)
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To: Tom Frederick who wrote (10989)3/26/1998 1:54:00 AM
From: Lawrence Brierley  Read Replies (2) of 20681
 
Tom F.,

Let me just preface this by saying that I very much appreciate your posts. In fact, one comment which I had tried to post on the "night of the long knives" two weeks ago (subsequently wiped out with the post I was responding to) was was a comment on how different it was to suffer through another stock value collapse for our desert obsession, NXR, with SI for company. For all of my preceding heart-stopper tumbles with this stock I only had myself and my company info to sift through to reassure myself that my course was in fact a rational, if rather adventuresome one.

It struck me that night that a careful parsing of your posts was an excellent way to reinforce the conviction which originally brought me to this stock. It might take months but it would do the trick! :-)
Anyway, this is a convoluted way of letting you know that there are some out here who are appreciating your relentless and persistent recourse to the facts about this company.

"Mr. Hoax, over the time period you mention, Naxos has tried over 50 methods of assay. The reason it has taken so long is that Naxos spent much too much time trying to get repeatable numbers in the range of some very high results they could get...sometimes. This was a waste of time in retrospect."
My feeling is that it is still too early to know whether this was a waste of time. I like Mark's observation that the higher COC numbers obtained in the past are an indication that at least these concentrations are present, even if not always recoverable. It may be that there will always be significant variability of recovery using the J/L or other techniques. We may find that inconsistency will plague the pilot plant results and perhaps one day even the definitive recovery facility.

I know that to attract large investment concerns consistent results are very valuable, but it is possible that the nature of this clay and the processes required to liberate PMs are incompatible with consistency. It is important to realize that over the past year all of the results range from good to astonishing. There have been no bad results be COC! No on will care if one day successive batches of dirt processed in a recovery facility yield wildly variable but still rich concentrations. Perhaps our fixation with consistency in assay and recovery results is only delaying us in reaching our ultimate goal of extracting and selling the goods. Just a thought.

The best,

Lawrence
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