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

To: Bear Down who wrote (8337)	1/20/1998 4:47:00 PM
From: Henry Volquardsen	Read Replies (1) \| Respond to of 20681

Michael, we need more clarification on this. You are right that if 1.72 opt (actually it was 1.66, just going with your number)is obtainable using standard fire assay on untreated ore that there would be no reason to doubt the potential of Franklin Lake and no "special process" would be needed. The release was a bit confusing on this point. To me the term origional ore implies untreated. Yet the phrase Johnson Fire Assay implies at least some preliminary treatment. Hopefully we will get a clearer picture of this as additional reports come out. The one thing that was very clear was that portion 2 which came after the first stage of the process showed 2.56 opt and that indicates a viable mining prospect if the process shows that it can be scaled up. For the rest we need some clarification and a lot more additional assay results from the other holes to start getting an idea of the extent of the deposit. Henry P.S. One thing that did occur to me was that they may have encountered a cocentration of free gold which my industry sources have indicated can happen with this type of ore. This could explain the positive response to SFA. That would however beg the question that why didn't the process goose the number up even higher. As I said earlier we will get more clarification as further numbers are released. For the time being the 2.56 strongly indicates that we have something and we need to clarify it further.

To: Bear Down who wrote (8337)	1/22/1998 12:43:00 AM
From: Kim W. Brasington	Read Replies (2) \| Respond to of 20681

Michael: This latest intersection that was reported on was a sand/gravel intersection. In the past Naxos has hypothesized that most precious metals have resided in the clays. The appearance of the first number that lead fire assayed 1.66 oz/ton gold on original ore is an unexpected bonus to Naxos in that it indicates in this one place that there is free-milling gold. The above having been said, Naxos management has indicated that it might be a hot spot and not indicative of the rest of the playa, or it may extend out from there. Further testing is called for. Regards, Kim W.