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Gold/Mining/Energy : Naxos Resources (NAXOF) -- Ignore unavailable to you. Want to Upgrade?

To: Bill Jackson who wrote (5521)	11/12/1997 11:58:00 AM
From: mark silvers	Read Replies (1) \| Respond to of 20681

Bill, Sorry, you were talking about Bre-x. I was still in Naxos mode.With the obvious differences between the two, I wasn't able to make the connection:-) Mark

To: Bill Jackson who wrote (5521)	11/12/1997 11:59:00 AM
From: Lalit Jain	Read Replies (1) \| Respond to of 20681

Bill, Obviously you are not talkin about Naxos. Regards, Lalit Jain

To: Bill Jackson who wrote (5521)	11/12/1997 12:07:00 PM
From: Henry Volquardsen	Read Replies (1) \| Respond to of 20681

Bill, I don't think you made it clear at first that you were discussing Bre-X. That is pretty much how I recall it playing out. The analogy to Naxos rests on the assumption that there is a scam and the previous samples or reagents were salted. Based on the first set of limited Chain-Of-Custody numbers from Ledoux I feel the chances that there is a scam have diminished significantly. BD drilled the samples and Ledoux is doing the testing. The first test showed gold and platinum. It was at that stage that Bre-X came up empty. Naxos has already passed that. That is not to say Naxos is clear sailing yet. There are still major questions. Is the metal that is there economically recoverable and what are the extent of the reserves. Reputable third party verification has already been achieved that there is at least some metal. The question will be if it will be worth anything.