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Gold/Mining/Energy : Naxos Resources (NAXOF)
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To: jlallen who wrote (16387)9/29/1998 2:53:00 PM
From: Tom Frederick  Read Replies (2) of 20681
 
Mr. Allen

You wrote...

"Regarding Venezuela, I understand it has been shut down and is not in operation. I understand it did not break even."

Why? Unstable local, national govt made it undesirable to invest there? Bad ore? Bad help? Equipment problems? Nothing so far to tie failure to any one individual.

You also wrote..."Regarding the tests, I understand that Norton changed the assay procedure and that all the labs used the modified procedure."

Well, as you point out, ALL the labs used the same procedure which was obviously not challenged by any of the three labs as a correct or incorrect way to assay the ore. PLUS, as Mark pointed out, Ledoux aknowledged fault with the procedure themselves. They did not blame the error on anyone else. If it was a problem with the procedure that made just Ledoux come up with GOOD numbers while the others did not, where is the complaint from Ledoux against Mr. Norton?

Finally you wrote..."Regarding Ledoux, I find it very odd that the Company has not forced a showdown on the issue of the accuracy of the testing. "

Agreed. But then again we don't know anything about what is being said between Naxos and Ledoux. Which is bad enough. Maybe Ledoux is feverishly retesting trying to make SFA work. Maybe not. We don't know and Naxos should tell us more. But for now, we can only wait.

Tom F.
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