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Gold/Mining/Energy : Naxos Resources (NAXOF)

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To: BGM who wrote (17286)	12/17/1998 2:07:00 PM
From: Tom Frederick	Read Replies (1) of 20681

Brad, it's pretty simple. Has J/L ever produced recovery test numbers for us? Your not thinking this through. It's like the bulldog who won't let go to its prey. You said... 1. One test Actually there were several tests on non COC ore to get this method down first but even if you just take the one released result, it is one test on 25 lbs of material with real metal being extracted from the ore. And that is one test more than J/L has given us for which we have spent several hundred thousand dollars. 2. Not certified The certification is something I did question. I don't have a good reason why they wouldn't "certify" the results other than that in the U.S., dry fire assay is considered the most common "standard" that has a measure for certification. If wet methods do not have specific "standards" because they correlate to complex ores which offer unique criteria for each, that may answer the question. Does certification or non certification sway my opinion about the honesty and accuracy of the Northwest results? Not for now. I would like to see repeated tests from a second lab. 3. Not duplicated The second lab was reported as providing substantially the same results. We need to see some reported numbers from them. 4. No economics are associated with it That's what the pilot plant is for. Bottom line is this. We have NEVER had actual recovery numbers before. We have NEVER had a specific production schedule for the pilot plant to move forward because we didn't have a recovery method to have any faith in to model the pilot plant after. We have ALWAYS had serious divided opinions in Naxos management which seems to have been muted if not eliminated allowing for this kind of progress. Sounds to me like we have the most solid evidence yet that there is metal in the FL ore and that is the only "relevant" point of all. This is the most significant progress in the last two years. Only time will tell if it this will prove our success or the end of Naxos. But I for one like the direction and the momentum. Tell me this...if Naxos proves up a definitive reserve and the stock runs back to it's old highs and beyond, how important will it be then to get the "real answers" to Ledoux, South American, etc etc.? My guess they will all be a distant memory soon enough. But the only thing that will make that happen is proving what is in the ground. And that is exactly what current management if focused on. Tom F.

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