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Gold/Mining/Energy : Naxos Resources (NAXOF)

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To: Henry Volquardsen who wrote (17538)	1/26/1999 10:15:00 AM
From: Tom Frederick	Read Replies (1) of 20681

Henry, I also thought it was illuminating, regarding the new approach of Naxos, that in their release they identify the process as "in the development stage and uproven, however, the last tests seem to suggest that a level of success has been reached." That is about as cautious and understated that you can get. In the past, this release would have been touted as final proof and the stock would have risen dramatically on this kind of news. So not only do we have the company indicating caution, but also the stockholders are more aware of the difference between good progress and ultimate proof. Having said that, what I find the most encouraging is the the pretreatment to produce this fire assay produced almost identical results for the 25 lb. recovery test indicating that there is indeed a consistent amount of Au present in the ore when pretreated in the same manner. AND the recovery process used matches the opt of this assay. But, we still need to see this repeated with the demo facility. And because of that, we are not seeing a big jump onto the stock again based on one set of assays. Seems to me we're all a little smarter for the experience of the last few years. Thank goodness! Tom F.

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