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

To: Henry Volquardsen who wrote (6224)	12/3/1997 5:22:00 PM
From: Dr. JMJ	Read Replies (1) \| Respond to of 20681

to all - closed at 9

To: Henry Volquardsen who wrote (6224)	12/3/1997 6:53:00 PM
From: HungryLion	Read Replies (2) \| Respond to of 20681

Ledoux has never certified any samples that had proper COC and resulted in encouraging numbers. From the July 23 PR, "On August 30, 1996, a meeting was conducted with the ASE and an agreement was reached whereby AMCL would supervise a drill hole at the Franklin Lake Property, material collected sealed and then tested at Ledoux and Company and a designated Canadian Lab. The drill hole was completed on September 17, 1996, tested at Ledoux and Company and published to the market. Testing at Ledoux and Company was supervised by AMCL, Jack Stanley, an outside assay consultant employed by AMCL, Paul Blumberg, technical director of Ledoux and Company and Fred Arkoosh Jr, Chief Operating Officer of Naxos Resources Ltd. Jack Stanley, after his analysis of Naxos' assay methodology, stated in the presence of Paul Blumberg, Fred Arkoosh, Jr and several other witnesses that "Naxos' assay methodology falls well within the boundaries of a conventional fire assay." Despite this statement and the positive results achieved at Ledoux and Company not only in the month of October 1996, but throughout 1997, the ASE never acknowledged nor approved Naxos' methodology. The Settlement Agreement was executed on Friday, July 18, 1997. Naxos submitted an application to the ASE to "voluntarily delist without prejudice" and the ASE approved the application and withdrew all allegations except the one as noted above. The $200,000,000 class action suit against the ASE and several of its officers was discontinued by Naxos. Bloomberg News Services issued a news release late Friday, July 18th, confirming the Settlement Agreement. In this news release, Tom Cumming was quoted as saying the following, Naxos believes that his statement represents the best and final comment pertaining to this unfortunate misunderstanding: "'It's really a disclosure issue' ASE Tom Cumming said, 'We're not questioning whether there's gold in that property.'"" a. Jack Stanley said "Naxos' assay methodology falls well within the boundaries of a conventional fire assay." All he said is that Naxos has a modified fire assay procedure. So what? IPMCF had one too. Is it reliable? b. The only objective of the Alberta Stock Exchange was to have Naxos delisted asap. Naxos did not win anything. c. Tom Cumming of the ASE was right when he said "'It's really a disclosure issue'. 'We're not questioning whether there's gold in that property.'". AMCL confirmed trace amounts (0.005) of gold at Franklin Lakes. Did Tom Cumming ever say there was significant amounts of gold? When did AMCL signoff on COC that resulted in encouraging numbers? AMCL signed off on a report that suggested sample tampering. HL