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Gold/Mining/Energy : Naxos Resources (NAXOF)

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To: Henry Volquardsen who wrote (16252)	9/14/1998 6:17:00 PM
From: Kim W. Brasington	Read Replies (1) of 20681

Henry: The reserve of 150 million pounds of copper is based on about 20% of the concession area that Naxos has signed an option for. The mining of the 150 million pounds of copper is estimated to give a mine life of 8 to 10 years. The copper prices used to estimate the cost ranged from $.75 to $1.00 per pound. The lower range was used because this is about where the price of copper is, and is in the close cut-off range of many world wide copper producers. Like gold, copper has been hit hard, with the higher priced producers being mauled. Based on current data, Luz del Cobre is projected to be profitable at current copper prices with direct costs being approximately $.49 - $.50 U.S. Details of the purchase package hasn't been released yet, pending the conclusion of the due-diligence phase. Regards, Kim W.

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