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

To: Henry Volquardsen who wrote (8130)	1/14/1998 3:57:00 PM
From: Henry Volquardsen	Respond to of 20681

to all: Message 3168034

To: Henry Volquardsen who wrote (8130)	1/14/1998 5:10:00 PM
From: Jan A. Van Hummel	Read Replies (3) \| Respond to of 20681

Henry, Let's assume then that there were (unproven) reserves of 200 mm ozs and that the stock price of $230 fully reflected that, which I frankly doubt. This then equates with a market cap of $5 billion or $25/oz of Au reserve on the low side and abt $71/oz of Au reserves on the high side. If we assume then Naxos to have some 40 mm shares out, if we compare the two we arrive at a stock value of $0.625 to $1.77/share for each one million of proven Au reserves at FL. Now we only need to figure the reserves. Jan