Henry, to be fair, I think you and Larry are not talking the same language right now. You are talking in fairly strict business terms, in which case your reference to Phase I, II and III trials is a fair argument. However, I think that Larry is talking about purely relative terms in regard to how Naxos is comporting itself knowing all the past history. In relative terms, Naxos is trying to please shareholders desperate to know what is going on. And to that end they feel compelled to release the most recent data that IS relevant mainly because it repeats almost exactly what the 25lb. bulk recovery test showed in opt on Au.
To be complete in what Naxos said, they did not stop when saying that it showed "a level of success" was suggested, they went on to also say that the material in the tests, while chain of custody was not certified and that they would continue to work to determine repeatability. They finished by saying that goals will have been reached only AFTER a referee lab has verified the process.
Now, as you have said, in a perfect world, we would not have seen this round of tests. We would ONLY see AFTER the referee lab has verified the results. But as I posted previously, when all the shareholders know darn well that Naxos is on its last leg and this is the final hurrah, it is not unreasonable, in my opinion, to announce results which support the recovery numbers, but do it with a clear message that Naxos as a company is NOT representing this as proof or even a final result until it can be verified.
Based on the trading activity today, (meaning volume) the release certainly did NOT create any undue excitement. Those still following this one have learned quite a bit about mining. So within our little world of Naxos we all posses to one degree or another, that "measuring stick" so to speak to understand quite well what this release meant and what it didn't mean.
As in many cases where there is disagreement, both parties are right within the line of reasoning applied in the speakers mind. Within the world of Naxos and its history, they have been remarkably low key in terms of news knowing how close to either the end or the beginning we are (depending on the results of the demo plant).
So credit where credit is due. Naxos is not likely to completely reinvent itself to behave like one of the majors in an exploratory phase or even a more well organized junior. What it can do is learn from the past, choose a path that will lead to success and improve its method of communicating and present honest, unvarnished truth to the shareholders.
FWIW, IMHO, etc etc.
Tom "the verbose" F. |
