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

To: Tom Frederick who wrote (7778)	1/3/1998 2:25:00 PM
From: knight	Read Replies (1) \| Respond to of 20681

Tom, Just a couple of comments. Naxos shareholders have to get past this ASE persecution syndrome. The ASE will accept the SFA or a modification thereof if it can be replicated and verified by a Canadian lab acceptable to the exchange. Naxos was unable to do this in the latter part of '96. This standard is applicable to all companies, not just Naxos. To suggest that the ASE had some ulterior motive for Naxos' removal from the exchange is reaching a wee bit. Are you assuming 100% recovery in your number crunching? I doubt if a 100% recovery can be done when full production is underway. This is assuming of course that the assay result achieved by the J/L methodology is equivical to a recovery grade.I wonder if the Peruvian cost is the actual extraction cost or an inclusive cost to date including aquisition, developement, and extraction. Some of the lowest producers are still the Nevada heap/leach operations. knight