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Gold/Mining/Energy : Naxos Resources (NAXOF)

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To: Tom Frederick who wrote (19036)	5/7/1999 11:51:00 AM
From: Tim Hall	Read Replies (4) of 20681

Tom, From the Northern Miner's coverage of the ASC hearing. AMC(Associated Mining Consultants) further noted that assayer Ray Steele refused to have his methods scrutinized by competent scientists and that the company's assaying method "changes continuously, which suggests that there is no proprietary process as claimed by Naxos." And the report said the earlier Naxos results - the ones with the goodies in them - could only be explained by "natural contamination in a gold-rich environment, poor-quality chemicals, or deliberate salting." Naxos attempted a rebuttal of the consulting firm's report, relaying heavily on results that Ledoux & Company had obtained from the splits of the samples. Yet Naxos itself had to concede that the samples analyzed by the assayers at Ledoux came from containers that had been opened for "preparation" the day before Naxos and ASE representatives witnessed the assay process. And, more damning still, Naxos revealed in August 1998 that the samples sent to Ledoux from the company's 1998 drilling program had turned out to have been contaminated - precisely what AMC had said of Ledoux in its 1996 report.

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