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Gold/Mining/Energy : Naxos Resources (NAXOF)

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To: Richard Mazzarella who wrote (12273)	4/24/1998 2:30:00 PM
From: Tom Frederick	Read Replies (1) of 20681

Mr. Mazzarella, you said "I'm not that impressed with the numbers considering the difficult mineralization." Are you forgetting that Standard Fire Assay got those results? This was not difficult at all. And if anything, once Naxos really attacks the "difficult mineralization" with whatever method of recovery they choose, (since at recovery no one can challenge the method since a tone goes in and a ton comes out and it costs X to do it) we will more likely see a great increase in recovery rates closer to the 3 opt on gold alone that Ledoux certified using JL. The presence of multiple metals adding up to well above "economic" recovery levels and the incredibly huge potential of the size of this deposit add up to things shaping up very well for Naxos. Good luck to Maxam and GPGI as well, but their good luck does not mean bad luck for Naxos. I have a feeling that if Naxos can keep coming up with numbers in this range, and it sits in an ore body of billions of tons, it will definitely get the markets interest. Yes, there is work to be done, but the work so far is proving out what Naxos has said all along...there is gold in that thar' desert. Tom F.

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