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

To: mfgrep who wrote (8518)	1/24/1998 3:04:00 AM
From: Lawrence Brierley	Respond to of 20681

Jason, I really think that the next big turning point will be soon. It seems to me inconceivable that good results from three separate labs could continue to be ignored by the market. It is my view that these results will continue to be excellent for gold. Remember, Johnson/Lett has a perfect track record to date, at least in the released information we have had available. First, they knocked everyone's socks off inside the company last summer when the price climbed to our present level without any COC results but only astonishing in-house recovery results . Then we had terrific results released by Ledoux on three occasions mostly COC and latterly drilled by BDB. If you want to consider the most recent third stage J/L result from Ledoux a failure, let me remind you that there are plenty of companies which would love to have such failures. What makes me think that we will not have to wait for the demonstration plant to get our next "leg up" is that we still have no platinum results since the original Ledoux work with the J/L method. It seems to me that there can only be one reason for withholding platinum and platinum group elements results.....that is because they are astonishingly good! So good, in fact, that they need to be corroborated by other labs. There can be no question that poor results would have very quickly seen publication along with the recent great gold results. Why not release great platinum results if you are releasing great gold results? Because significant gold mines are a dime a dozen, and North America has had its share of great gold mines. But platinum mines are another matter entirely. The only North American mine of any consequence, Stillwater, would look quite pedestrian next to the sort of platinum producer FL could be if last summer's platinum results were to be proved up. It is a shop-worn phrase, but paradigm shift best describes the impact of staggering COC platinum numbers on the mining community. There can be no release of these numbers until all possible doubt is removed, and the multi-lab assays will remove this doubt. I am certain that Ledoux has had platinum numbers for months, perhaps not consistent numbers, but certainly not low numbers. I will stick my neck out and guess that their release next week will be the watershed for this stock. It has to be next week. Why? Because I only have until next Friday to share the thrill. I'm off to New Zealand for a month, mostly at some distance from the cyber stations, and it's going to break my heart to miss all the fun when these numbers are released. If I don't get another chance to post before leaving, let me wish all of you the very best and that you never again have to watch Naxos wallow in the 5 to 6 dollar range again. (Yeah, I know, bite my tongue!) Lawrence PS Henry, Sure, I will be happy to look up that erstwhile intern bond trader ewe you used to meet under the yew. Let me get this straight. She never heard of you. You never met. You don't know how she got to be part owner of that NY restaurant and wears an XXL Wolverine football sweater. Just one problem. With all the ewes in NZ, how will I know her. Pehaps you could email me about any "distinguishing features''....baaa baaa bye.

To: mfgrep who wrote (8518)	1/24/1998 5:07:00 AM
From: GOGI	Read Replies (1) \| Respond to of 20681

I think it's highly likely that Naxos will either obtain a heavy weight financial backer or decide to embark on a much larger drilling campaign on it's own. Additionally, I expect the price of Naxos to be drastically higher later this year. Sometime this year, central bank selling of gold will virtually dry up (most European nations will be through selling gold to meet the requirements for entrance into the European Common Market) and the price of gold will sky rocket. There are other factors that will propel the gold market and the price of Naxos: a continued Asian deflation that will go around the world and eventually hit the U.S. market (a similar senario occurred in 1929), a U.S. dollar that is overvalued (5.4 trillion dollars of admitted debt), and the unrealistic stock market expectations of investors that have too much of a vested interest in having put all, or most, of their life's savings in an extremely overvalued stock mania. Sorry to have to report bad news but I call them like I see them. I'm not trying to win a popularity contest with such negative, realistic forecasts. GOGI

To: mfgrep who wrote (8518)	1/24/1998 5:18:00 AM
From: GlobalMarine	Read Replies (1) \| Respond to of 20681

Jason: I think that the Johnson method of shaking and baking the ore is probably the only thing that will work on this ore body. Intuitively, if you've complex-mineralized gold locked away in the desert dirt, I feel you're going to have to first grind the heck out of it to break apart the grains to be able to fully access the complex gold mineralization so you can eventually convert the same to metallic form. If the Johnson method doesn't work, I don't see what other method will, though I hope I'm wrong. If the Johnson process works, we'll be on our way, stock price-wise. Gold market-wise, if the international financial community becomes convinced that this is for real (and it may take years instead of months, who knows), a psychological blow may be dealt to the gold market. If one lakebed contains a billion oz of PMs, people will naturally expect that other such geological structures exist in the world. FL is a nice place but probably not unique in world geological terms. If one is hoarding PMs, the natural reaction to the possibility that PMs exist in the world in virtually unlimited recoverable amounts (thereby rendering precious metals non-precious) would be to sell first and ask questions later. PM prices could collapse eventually. But the flip side of the coin is this. I'm uncertain that it's feasible to process, say, tens of thousands of tons of ore a day since you need to grind the head ore and stick the result in a reduction oven. If it takes, say, 15 minutes to grind the ore to the requisite degree, then you may not need a vast amount of grinding equipment and capacity to accomplish the grinding task . On the other hand, if it takes, say, 15 hours, then the amount and capacity of grinding equipment, real estate, electricity and so forth required to do the job may too great to process massive tonnage a day. So the financial community may decide that if this whole process works, it cannot be done on a large enough scale to cause a massive increase in gold supply, so gold prices may not collapse. FWIW, Maxam Gold's recovery method will also probably work because the Peoria 7 property contains metallic gold as well as complex-mineralized gold. Their recovery method targets the metallic gold and other PMs. Yes, they're losing the complex-mineralized stuff but if you can profitably extract the metallic PMs with no fuss and muss, who cares? If you've got 10+ million oz of metallic PMs, you can go into production right away and worry about the complex stuff whenever. Any other opinions welcome. Regards, Rand