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

To: mark silvers who wrote (5810)	11/21/1997 4:06:00 PM
From: Henry Volquardsen	Respond to of 20681

Considering the recent IPM bloodletting, I would consider a release that confirms the 2nd stage results of the last release would be very positive. This would confirm that there is significant metal and it is probably there in commercially viable amounts. Then it becomes a matter of proving the extent of the reserves and the cost of extraction. But given the current market I believe .73 would be well recieved.

To: mark silvers who wrote (5810)	11/21/1997 4:09:00 PM
From: KRosenfeld	Read Replies (1) \| Respond to of 20681

Mark, I don't think that you can say that one number will make anybody happy. That one number is already on the table (granted it is not COC). What I would like to see is that the range of numbers from the different samples (5 holes - different depths) show Au equivalent numbers consistently. And based on the recovery numbers in that August press release, I would be ecstatic with numbers in the range of 0.60 oz/ton. This would equate to recovery numbers approaching 3 oz./ton if we extrapolate from the last set of numbers. Ken Rosenfeld

To: mark silvers who wrote (5810)	11/21/1997 4:20:00 PM
From: Tom Frederick	Read Replies (1) \| Respond to of 20681

Mark, you bring up an excellent point...what are our expectations? I think that keeping this in relative perspective to the mining industry is a great starting point. Considering that we have heard before that commercially viable mines must produce at .07 OPT or better, your number of >73 opt is 10 X industry standards. We may have heard too often about multiple ounces to be impressed by anything under 1 oz but getting 10 X the norm really should make us quite satisfied. As in my previous post, additionally, we should also see great value in having access to the patent on the METHOD to get a .73 out of a DD property. I would think that IPM will be placing a call to Naxos quite soon after true verification of a patentable method of recovery that can improve their results by 10X or more. Mark, I am about to leave so I won't be able to respond, but thank you for your response anyway. Regards, Tom F.

To: mark silvers who wrote (5810)	11/21/1997 5:43:00 PM
From: sh	Read Replies (1) \| Respond to of 20681

Mark, Your question is one I've been pondering since the IPM release. What if we get numbers in the .1 range? As Mr. Frederick pointed out, this is a reasonable result. However, have our expectations become so high that we are now susceptible to the IPM situation. IPM had a .08 return and still got battered badly, albeit most of its results were below .05. Will we see a similar reaction with Naxos if it comes up with results primarily in the .07-.1 range and some less than that? It should not happen, I think the stock may settle in the $5-7 range until we get further results. However, with the high expectations (mostly due to the results released in August) who knows what the reaction will be. Any thoughts on this are appreciated. Regards, sh