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Gold/Mining/Energy : Naxos Resources (NAXOF)

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To: BGM who wrote (14381)	7/17/1998 12:07:00 PM
From: kenneth w. calligar	Read Replies (3) of 20681

Henry: It seems that everyone is assuming that Rocky Mountain is right and Ledoux has been wrong. This doesn't make sense to me. Ledoux has worked on Naxos ore many times longer than R.M. The idea that management can run from lab to lab, week by week, for a couple quick tests is ludicrous. Remember, it took hundreds of days for Ledoux to figure out the ore and they certified these results against high political pressures. Also, when standards and blanks were introduced to the testing, Ledoux was hitting those spot on. I view this as the fault of Sid Kemp. He decided to pursue the SFA method to the exclusion of the J/L method. I think they should have been run contemporaniously. It seems they tried the high-risk tactic of getting confirmation of the SFA quickly before the AGM to prove Sid's position that J/L is not needed. This was highly risky not because there is not gold but because the lab's learning curve cannot be surmounted in such a short period. I stand convinced that there is gold, platinum and other precious metals at Franklin Lakes.

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