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Gold/Mining/Energy : Naxos Resources (NAXOF)
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To: jlallen who wrote (12408)4/29/1998 10:43:00 AM
From: Scott Corey  Read Replies (1) of 20681
 
To All:

How many more millions will this company spend drilling holes? How many more millions will this company spend on production plants that never produce anything? Is anyone watching GPGI? They are quietly producing metals (not just gold), in ever increasing amounts. Naxos has not produced anything for years. When were the last dore bars produced?

As I recall, Naxos had the capability to produce metal in the oz/ton range we are seeing now some time ago and installed a small scale production plant to process pm's. I saw the equipment being installed at DVJ but Naxos never produced any quantity of pm's from that process. Nothing will impress the market more than the ability to actually produce precious metals (not just the gold) which Naxos could have been doing for years.

Unfortunately, this company has never been able to pick a plan, stay with it and move forward with it, while maintaining additional R&D and/or refinement of their existing or known process. New management appears to be either making no attempt to process metals at this time or has elected to keep the shareholders in the dark as to their plans for processing material. I for one would rather see a profitable pm extraction process demonstrated and then refined before drilling a bunch of new holes in the playa. There are plenty of holes already. What good are the COC numbers if you can't get the metals (not just the gold) economically? Nobody can argue with actual production.

Scott
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