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

To: Jan A. Van Hummel who wrote (6241)	12/3/1997 7:59:00 PM
From: Larry Brubaker	Respond to of 20681

Jan: The situation at IPM was IPM claimed very nice fire assay and recovery numbers (the latter totalling more than .80 opt of gold, platinum, and palladium). These numbers were to be verified by unnamed (at the time) labs under COC procedures supervised by Behre Dolbear. There were many delays in the verification process and new consultants (Lycopodium and Bateman) added to the mix. When the results of the verification process were released on November 14 (or Black Friday to IPM'ers) Bateman Engineering (not BD) only verified about .04 opt of gold through fire assay, and nothing from IPM's recovery process (Bateman found IPM's recovery process to be "non-commercial," therefore, numbers derived from this process were deemed by Bateman to be irrelevant). To my understanding, Naxos has had somewhere around .10 opt verified through third party COC, but is also claiming much higher numbers which have not yet been verified. Thus, my point was that you cannot assume that the higher numbers will ultimately be verified simply because reputable 3rd parties are involved in the verification process. That was the mistake I made with IPM. Hopefully, Naxos will be different.