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

To: Larry Brubaker who wrote (8131)	1/14/1998 4:02:00 PM
From: Henry Volquardsen	Respond to of 20681

Larry, I used 6% precisely to represent risk free money. I handled the risk of the deposit by discounting the production by 50% which is actually slightly different than doubling the discount rate. I used homogenous numbers simply for simplicity sake in order to discuss concepts. I think I put several qualifying statements in this regard. My point was not to make a firm valuation but merely to discuss concepts. I agree with your points about homogeneity (is that a word?). We are much to early in the process to be trying to nail down a number. Henry