Using again for a message to ALL
I just received a PR through canada stockwatch from the ASE concerning Naxos. The ASE is still month's or even years behind reallity.
A Ms Patricia Johnston of the ASE reports that the ASE has issued a notice of hearing dated January 22 1997 against Naxos Resources and its president, Mr Jimmy John. The hearing is scheduled for March 12, 13 and 14, 1997 at the offices of the Exchange in Calgary.
The notice of hearing alleges, among other things, violations on the part of Naxos and Mr John of exchange requirements in connection with the issuance of numerous press releases disclosing significant concentrations of precious metals on samples taken from the Franklin Lake property which results have not been replicated or verified by consultants retained by the exchange for that purpose.
Further the ASE states that several standard fire assay tests conducted by independent laboratories disclosed that the concentrations of gold on samples taken from the Franklin Lake property were significantly lower than the previous results reported by Naxos. Additionally, there was no evidence of concentrations of platinum group elements present in such samples.
The ASE has also alleged that by the issuance of press releases dated
December 20 1996 and January 20 1997, Naxos and Mr John directly
contravened exchange policies which require the preapproval of any
non-conventional fire assay testing procedures and the disclosure of
standard fire assay testing results contemporaneously with precious metal
results obtained using non-conventional fire assay methods.
At the hearing of these matters, the exchange will seek an order delisting
the securities of Naxos from the exchange and an order prohibiting Mr John
from acting as a director, officer, insider, promoter or investor relations
consultant for or on behalf of any company listed on the exchange.
Well I was expecting this as it was very logical. Naxos already had decided that they will never be able to convince the burocrats from the ASE. Jimmy the entrepreneur he is, was looking for a way to keep things going and got Naxos trading on the Nasdaq BB (NAXOF).
This PR can only mean two things, one, some bureaucrats at the ASE are unbelievable stupid and do not care about the shareholders at all, or second, they are deliberatly trying to scam Naxos down for some reason.
Lets evaluate this PR.
First:
>>> exchange requirements in connection with the issuance of numerous press releases disclosing significant concentrations of precious metals on samples taken from the Franklin Lake property which results have not been replicated or verified by consultants retained by the exchange for that purpose.<<<
From other PR's and information from ONE lab also appointed by the ASE itself, Ledoux a well know lab world wide!, used by the mint of several countries!!, we know why these canadian lab's didn't dicover any gold! The canadian engineering firm the ASE was working with had never heard about the way this deposit was build by mother nature over millions of years as one big natural concentrator. They thought the rock they found should contain the gold and not the dust. So in their infinite wishdom the washed away the dust! We all(including my children 16, 19 and 22) know that ONLY the dust CAN contain the minerals in such a property.
Second:
>>>that several standard fire assay tests conducted by independent laboratories disclosed that the concentrations of gold on samples taken from the Franklin Lake property were significantly lower than the previous results <<<
For YEARS now we all know that standard fire assays don't work at all. First one has to prepare the DUST like IPM has done nicely proving 0.26 gold!!! (was also delisted a few years back by a ancient canadian exchange). Do they NEVER learn over there??
So in fact the ASE is saying the canadian labs cann't find any gold, but on the other hand they also state that in fact there is gold as proved by Ledoux a USA lab. Be it at the first tests a low but still economical grade.
Ledoux is still progressing with their methods and will shortly be able to confirm much, much higher grades in the range 0.20 to 0.68 oz/ton which were not yet certified at that moment.
Sierra labs who develloped over years a assay method was not believed, now they expect a second lab to do it in weeks.
Plaese Jimmy don't let yourself be dragged into this bureaucratic game playing by the ASE or any other third party. Just get on with develloping a recovery process using all methods you can lay your hands on. And please keep on informing us as you are now doing. Great work, highly appreciated,
Hans
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