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Gold/Mining/Energy : Naxos Resources (NAXOF)
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To: mark silvers who wrote (18446)4/6/1999 9:47:00 AM
From: Tom Frederick  Read Replies (1) of 20681
 
Just a little history to those who trying to revive the dead...

From Bob Gardners letter of Dec. 23, 1998:
"...prior management negotiated an agreement with Johnson/Lett which paid them $250,000 up front, before any confirmation of the process had been verified. - attriting was the key element of their technology...according to Brian Russel, a world class expert in the field of metalurgy, his opinion was that attriting does not offer any advantages to the ore...Over $450,000 has been spent on this approach...As of todays date, we have not received any test results from Johnson/Lett and our negotiations have concentrated for the most part on assays....Naxos has not been allowed to have a professional involved to verify their process. It is not prudent to substantially dilute your companys stock without having a reasonable amount of verification that their technology is efficacious on our ore."

That sums up what Naxos did for Johnson/Lett. We perfected their method of extraction. But is was extraction of funds from the Naxos coffers.

We now have a method which has shown consistent results in both assay and recovery which is being scaled up at the pilot plant. There are no other methods for which Naxos has provided us any results which show any more promise than this most recent method most particularly because it is the only one to date which has shown recovery.

This is not a case of MGAU vs. Naxos. What the heck. Let both succeed. Who knows, maybe J/L just doesn't work on FL ore. But for those still hanging on to the hope that Naxos should spend ANOTHER $450,000 of OUR money on a group who refuses professional evaluation of the specific process...it ain't happenin'

Tom F.

(Mark, this was a general post, not directed at you)
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