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Gold/Mining/Energy : Naxos Resources (NAXOF)

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To: Henry Volquardsen who wrote (14107)	7/9/1998 3:48:00 PM
From: Al C	Read Replies (2) of 20681

TO HENRY VOLQUARDSEN, "If assays are higher than 0.06-0.08, then they are economical." Here are the assays, Henry: 6/11/98 98-1 .093 98-2 .075 RC-2 .037 RC-3 .038 5/15/98 RC-1 .057 4/24/98 RC-4 .033 Average above .055 3/18&4/8 RC-5 .223* Average all .079 *These results used both Johnson equipment and proprietary assay ideas, both subsequently discontinued as Johnson withdrew his assistance. The lower subsequent results clearly reflect this break off of relations. The Press Release of 3/18 said these results "do not use Johnson-Lett process," but did not disclose the results DID use his equipment and assay ideas. Release of 4/8 said results used "standard fire assay with ICP finish;" but again did not disclose that the results DID use Johnson's equipment and proprietary assay ideas. With or without these last assay results, the assays are NOT above the 0.06-0.08 range estimated to be breakeven. The misdescription of the last assay results is part of the BIGGER problem at hand (management). Al C

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