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Gold/Mining/Energy : Naxos Resources (NAXOF)

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To: HalNeedham who wrote (11346)	3/31/1998 12:39:00 PM
From: mark silvers	Read Replies (1) of 20681

Hal, There are some reasons for the discrepancy. I want to be careful how I phrase this because it is not my intention to get Maxam holders irate over my opinions. The biggest difference that I see right now, is third party verification of COC ore. Naxos has it and Maxam doesnt. I dont know how close maxam is to actually achieving production.(meaning I dont know, not that I doubt it) At one point they said the end of the first quarter. That is not going to happen. They may have made adjustments to their timetable, I dont follow it closely enough to know the answer. If you are going to count non COC drilling and testing, Naxos also has a large body of test that have been completed. Personally, I place little faith in anyone's claims that arent irrefutabley backed up by thirdparty. The dirts have a large history of not validating such claims. Heck, the mining industry as awhole has a pretty good rep for not backing up those kinds of claims(there are exceptions). Anyone else can feel free to jump in. Mark

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